Bill improving pension fund options awaiting governor’s signature

INDIANAPOLIS – Legislation co-sponsored by State Rep. Chuck Moseley (D-Portage) that would provide members of public pension and retirement funds with more withdrawal options is making its way to Gov. Mike Pence for final approval. Members of the Indiana House of Representatives passed Senate Bill 265 earlier this week 93-0.

SB 265 would authorize the Indiana Public Retirement System (INPRS) to transfer a member’s contributions from the 1977 Police & Firefighters’ Pension & Disability Fund (1977 Fund) to the Public Employees’ Retirement Fund (PERF). Since House members offered no amendments, the legislation goes straight to Gov. Pence for his consideration.

“We have a number of local public officials who are currently covered by the PERF Fund, but have served as police officers or firefighters at some point in their life,” noted Moseley. “This legislation would allow those individuals to purchase their service credit in the 1977 Fund and transfer that credit to their PERF retirement account.”

Inversely, current law allows only the transfer of service credit from the PERF fund to the 1977 Fund.

“This is a commonsense change to Indiana’s retirement code. We’re simply making it so the transfer can go both ways,” Moseley said.

SB 265 previously gained unanimous approval from the House Employment & Pensions Committee, full Senate, and the Senate Pensions & Labor Committee. The legislation also garnered support from the Professional Firefighter’s Union and INPRS.