Rep. Carbaugh works for pension protection

Posted by: Brandi Klingerman  | Thursday, April 16, 2015

Rep. Carbaugh works for pension protection

STATEHOUSE – State Representative Martin Carbaugh (R-Fort Wayne) authored legislation to provide pension protection for teachers, firefighters and state employees. House Bill (HB) 1466 would deliver needed safeguards to state employee pension plans while applying reviews to prevent errors or miscalculations. The bill passed out of the Senate unanimously.

“This legislation is essential to maintaining the integrity of Indiana’s pension plans, which are among the best in the country,” said Rep. Carbaugh. “Our firefighters, teachers and other state employees depend on their pensions and this legislation works to protect their retirement funds.”

HB 1466 protects existing pensions of public employees by requiring employers to pay their share of the unfunded liability if they shift new hires onto a pension plan that differs from the Public Employee Retirement Fund (PERF) or Teacher Retirement Fund (TRF). Additionally, the bill contains multiple checks for oversight of the defined contribution plans being offered by various employers and makes changes to help save taxpayer dollars.

“We have come a long way in honoring the promises that have been made to employees with PERF or TRF plans,” said Rep. Carbaugh. “This legislation ensures that we can maintain these pensions and also further protect those who rely on these funds to support their families.”

To learn more about HB 1466, visit iga.in.gov.

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State Rep. Martin Carbaugh serves as Vice Chairman of the Insurance Committee. He also serves on the Employment, Labor and Pensions Committee and the Veterans Affairs and Public Safety Committee. Rep. Carbaugh represents a portion of Allen County.