2014 Legislation that ISEA is following for All State Employees and Retirees! 
Privatization of the Annuity Savings Account Stopped for Now!!
UPDATED FRIDAY, MARCH 14TH, 2014
House Bill 1075 went to Conference Committee on Thursday, March 6th, 2014, and out of committee, the results were that the Indiana Public Retirement System (INPRS) would not be able to privatize the annuity savings account until at least January 1st, 2017, however, the interest rate will be changed!!  The new interest rate commencing after September 30th, 2014 and before 2015 will be 5.75%.  After September 30th, 2015 and before January 1st, 2017, the interest rate will be the greater of:  1.) The interest rate for similar annuities being purchased in the private market as determined by the board; or 2.) 4.5%.    Parameters were also set that after December 31st, 2016, the interest rate used to determine the annuity amount purchasable by a member is equal to the rate for similar annuities also being purchased in the private market.  This is not what we wanted as far as the interest rate, but, we will be working closely with the Pension Management Oversight Commission (PMOC) this summer and probably next summer to get a better formula calucation to the interst rate as well as permanently stopping the privatization.  If you have any questions or concerns, please drop us an email at info@myisea.com and we will be happy to take any and all suggestions on how we can better fight this battle!

Senate Bill 225 Update!

Posted:  March 14th, 2014

Another victory for public employees!  Language was added into Senate Bill 225 that repeals the mandatory contribution by state employees at retirement of unused vacation leave to the PERF 401(h) retirement medical benefits account.  This language was originally added to the Senate Version of the bill this year, but, was removed in the House.  Several phone calls and emails later, we were able to get the language restored in Conference Committee, so that public employees would be able to keep their vacation time to cash in upon retirement.  We want to Thank Each and Everyone of you who took the time to call and email your Representatives and Senators to help make this possible.

13TEENTH CHECK A GO AGAIN THIS YEAR!
We fought long and hard for a Cost of Living Adjustment (COLA) this year, but, it was an uphill battle, that we weren't able to win for now.  This year a 13th Check will be issued again, and it will be exactly like the 13th check that you received last year.  It should be issued again this year later in the year around the October to November timeframe.  Next Year is a budget year, so PLEASE contact your State Representatives and Senators and let them know that you want them to make sure you get a COLA next year!!
Updated:  March 19th, 2014
House Bill 1075--PERF and TRF annuities. Provides that the board of trustees of the Indiana public retirement system (board) may not, before January 1st, 2017, enter into an agreement with a third-party provider to provide annuities for retiring members of the public employees' retirement fund (PERF) or the Indiana state teachers' retirement fund (TRF). Requires the interest rate to be set after September 30th, 2014, but before January 1, 2015, to 5.75%.  After September 30th, 2015, the interest is to be set at the greater of:  1) the interest rate of similiar annuities being purchased on the private market or 2) 4.5%.

THIS BILL MADE IT OUT OF CONFERENCE COMMITTEE AND PASSED BOTH HOUSES!

To view more infomation on House Bill 1075--Click Here!

Updated:  March 19th, 2014
House Bill 1074-Pension thirteenth checks. Provides for a thirteenth check for certain members of the: (1) Indiana state teachers' retirement fund; (2) public employees' retirement fund; (3) state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement fund; (4) state police 1987 benefits system; and (5) certain members of the pre-1987 state police benefit system.
After being amended, you should see a check exactly like you received last year!
THIS BILL HAS PASSED OUT OF BOTH HOUSES!
To view more information on House Bill 1074--Click Here!
Updated:  March 19th, 2014
House Bill 1231-Pension cost of living adjustments. Provides for cost of living adjustments for certain members of the: (1) public employees' retirement fund; (2) Indiana state teachers' retirement fund; (3) the state police pre-1987 benefit system; and (4) the state police 1987 benefit system.
THIS BILL DIED IN THE SENATE PENSION COMMITTEE.
To view more information on House Bill 1231--Click Here!
Updated:  March 19th, 2014
Senate Bill 54-Study of local pension plans. Urges the legislative council to assign to the pension management oversight commission or another appropriate committee the task of studying the status of existing local government unit pension plans, including the participation of local government units in the public employees' retirement fund and the financial effects on participating local government units of withdrawing or excluding new hires from the plans, to determine whether changes are necessary or advisable.
THIS BILL DIED IN THE HOUSE.
To view more information on Senate Bill 54--Click Here! 
Updated:  March 19th, 2014
Senate Bill 105-PERF and TRF pension benefit adjustments. Establishes a formula for a postretirement benefit adjustment for members, survivors, and beneficiaries of the public employees' retirement fund (PERF) and the Indiana state teachers' retirement fund (TRF), to be determined in 2014. Specifies that such a postretirement benefit adjustment may not be made after 2014.
THIS BILL DIED IN THE SENATE PENSION AND LABOR COMMITTEE.
To view more information on Senate Bill 105--Click Here!
Updated:  March 19th, 2014
Senate Bill 108-Public pensions. Provides that, after June 30, 2014, a political subdivision that is eligible to participate in the public employees' retirement fund (PERF) shall provide retirement, disability, and survivor benefits using PERF to its employees employed in positions covered by PERF. Permits a political subdivision that established a pension or retirement system before July 1, 2014, to continue that pension or retirement plan for employees who are participants in the pension or retirement plan on July 1, 2014. Requires an individual who becomes a state employee after June 30, 2014, in a position that would otherwise be eligible for membership in PERF to become a member of the defined contribution (ASA only) plan (plan). Permits a political subdivision to elect to participate in the plan. Requires the board of trustees (board) of the Indiana public retirement system (system) to provide retiring and retired PERF and teachers' retirement fund (TRF) members the option of converting the member's annuity savings account (ASA) into an annuity that is administered and managed by the system's employees. Requires the board to set in January and June each year, beginning in July 2014, the interest rate (annuity interest rate) used to determine the annuity amount purchasable by a PERF or TRF member who elects to purchase an annuity provided by the amount credited to the member in the member's ASA. Provides that the annuity interest rate is equal to the average of the rate of return earned by the retirement allowance accounts of PERF and TRF during the six immediately preceding calendar years, except that the annuity interest rate may not be less than: (1) 6.5% in 2014; (2) 5.5% in 2015; and (3) 4.5% in 2016. Makes conforming changes.
HIS BILLED DIED IN THE SENATE PENSION AND LABOR COMMITTEE.
To view more information on Senate Bill 108--Click Here!
Updated:  March 19th, 2014
Senate Bill 153-PERF and TRF guaranteed fund administrative expenses. Urges the legislative council to assign to the pension management oversight commission the study of the administrative fees and expenses of the guaranteed funds of public employees' retirement fund (PERF) and the teachers' retirement fund (TRF).
THIS BILLED DIED IN THE HOUSE EMPLOYMENT/LABOR COMMITTEE.
To view more information on Senate Bill 153--Click Here!
Updated:  March 19th, 2014
Senate Bill 252-Pension thirteenth checks. Provides for a thirteenth check for certain members of the: (1) Indiana state teachers' retirement fund; (2) public employees' retirement fund; (3) state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement fund; and (4) state police 1987 benefit system.
THIS BILLED DIED IN THE SENATE PENSION AND LABOR COMMITTEE.
To view more information on Senate Bill 252--Click Here!