STATEHOUSE – House Bill (HB) 1560 authored by State Rep. Martin Carbaugh (R-Fort Wayne) and co-authored by Rep. David Ober (R-Albion) passed out of the House today with a 90-0 vote.
HB 1560, Rollovers of School Retirement Accounts, allows employees of a school corporation to invest their retirement funds with any investment firm of their choice if their school corporation closes future contributions. Currently, teachers are only able to invest with a vendor approved by the school corporation.
“School employees should have the flexibility to decide what they invest their money in,” said Rep. Ober. “This bill provides more portability of their funds and empowers them to handle their investments as they choose to.”
Members of the Indiana Federation of Teachers and the Indiana State Teachers Association showed support for this bill.
“This gives teachers more control over the funds they worked so hard to save for retirement,” said Rep. Carbaugh. “After years of ensuring that our children get the best education possible, teachers should be able to retire with the knowledge that they will be financially secure and able to enjoy the fruits of their labor.”