Rep. Burton celebrates the signing of retirement relief bills
STATEHOUSE — House Enrolled Acts (HEAs) 1074 and 1075, authored by State Rep. Woody Burton (R-Whiteland), were both signed into law by Governor Mike Pence today. HEA 1074 will provide a 13th check, which is a one-time, post-retirement payment, for certain members of the Indiana State Teachers’ Retirement Fund (TRF), Public Employees Retirement Fund (PERF), State Excise Police, Gaming Agent, Gaming Control Officer, Conservation Enforcement Officers’ Retirement Fund (C&E Fund), State Police 1987 Benefits System and State Police Pre-1987 Benefits system. Calculated by years of service, the 13th check will provide financial relief to nearly 130,000 retirees. “By managing our state’s finances responsibly, we are able to provide financial relief for these retirees whose pension benefits have not gone as far as they once did. I was proud to author this legislation, working alongside Employment, Labor and Pensions Committee Chairman Doug Gutwein, to reward those who devoted years of selfless service to Indiana.” Rep. Burton also authored HEA 1075 which prevents the Indiana Public Retirement System (INPRS) from privatizing the Annuity Savings Account (ASA) before Jan. 1, 2017. This legislation prohibits INPRS from entering into an agreement with a third-party provider to offer annuities to retiring and retired members of the Public Employees’ Retirement Fund (PERF) and the Teachers’ Retirement Fund (TRF). “I was proud to work with Governor Mike Pence as well as Hoosiers and experts in the field to find a compromise that keeps Indiana financially stable while protecting pensions and upholding the promises we made to our public retirees,” said Rep. Burton. Additionally, HEA 1075 establishes the interest rates used to determine annuity amounts. The following information includes when the new interest rates will apply: • Oct 1, 2014 – Sept. 30, 2015: The interest rate will be 5.75 percent. • Oct 1, 2016 – Dec. 31, 2017: The interest rate will be the greater of; the interest rate for similar annuities being purchased in the private market, as determined by the board, or 4.5 percent. • After Dec. 31, 2016: Whenever the board enters into an agreement with a third party provider, the interest rate is equal to the rate similar for annuities being purchased in the private market. Visit www.in.gov/legislative for more information about HEAs 1074 and 1075. -30-
Rep. Burton represents a portion of Johnson County. He serves as Chairman of the Financial Institutions Committee. He also serves on the Education, Elections and Apportionment, Insurance, and Rules and Legislative Procedures Committees.
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