Senate President Pro Tem Rodric Bray (R-Martinsville) made the following statement today regarding the state's historic $2.5 billion transfer to pay down the state's pension obligations for the Pre-1996 Teachers' Retirement Fund:
STATEHOUSE (Sept. 28, 2022) – "Here in Indiana we practice the fiscal responsibility we preach. Thanks to our state's strong fiscal performance over the last several years, we were able to make a historic buydown of the state's pre-1996 teacher's retirement fund in the amount of $2.5 billion.
"By using excess revenues to pay down debt, we are moving up the timeline for when these pension obligations no longer require state General Fund support to the tune of over $1 billion a year. Once the Pre-1996 Teachers' Retirement Fund is fully financially self-sustaining, we can explore other uses for this state General Fund support like cutting taxes, additional resources for Hoosiers or transformational projects.
"Making this historic investment today paves the way for tremendous opportunities in the future, and I look forward to a time when we can explore those possibilities.”
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NOTE TO THE PRESS: The $2.5 billion transfer was authorized by the most recent state budget, House Enrolled Act 1001 from the 2021 regular session. The transfer was completed on Sept. 27.
For a high-resolution photo of Sen. Bray, click here.
FOR IMMEDIATE RELEASE
Contact: Molly Fishell, Communications Director
molly.fishell@iga.in.gov
317-232-9521
