Plain English Breakdown
The bill summary text is very brief and does not provide detailed information about the specific amounts or conditions for the thirteenth check.
Indiana Pension Act
This act allows certain Indiana public employees to choose a joint survivor option for their retirement benefits and provides an additional payment in 2026 for specific pension funds.
What This Bill Does
- Allows participants in the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan to elect a joint and survivor benefit when they retire.
- Provides an extra payment (thirteenth check) in calendar year 2026 for members or beneficiaries of several pension funds.
Who It Names or Affects
- Participants in the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan.
- Members or beneficiaries from specific pension funds including Indiana state teachers' retirement fund, Indiana public employees' retirement fund, and two state police benefit systems.
Terms To Know
- Joint and survivor option
- A choice that allows a retired person to receive benefits even after their death, ensuring another person continues to get payments.
- Thirteenth check
- An extra payment given in addition to regular retirement checks for certain pension members or beneficiaries.
Limits and Unknowns
- The bill does not specify the exact amount of the thirteenth check.
- It only applies to calendar year 2026 and may not continue beyond that year.