FOR IMMEDIATE RELEASE
Contact: Lance Gideon, Press Secretary
Lance.Gideon@iga.in.gov
317-234-9221
STATEHOUSE (Jan. 24, 2024) – A bill authored by State Sen. Brian Buchanan (R-Lebanon) that would provide a cost-of-living adjustment (COLA) for many public retirees and a 13th check for those who do not receive COLA unanimously passed the Senate Committee on Pensions and Labor today.
Senate Bill 275 is the result of the Interim Study Committee on Pension Management Oversight's (PMOC) review of COLA increases for retirees who participate in the Indiana Public Retirement System (INPRS) in 2023.
"INPRS has a reputation of being reliable for public retirees throughout the state," Buchanan said. "SB 275 would help strengthen the system and ensure it is responsibly managing public employees' retirement money."
Buchanan chaired the PMOC in 2023, which released a report detailing its findings and recommendations. These recommendations included asking the General Assembly to consider legislation that would provide an annual 13th check to public employees who retire before a yet-to-be-determined date and an annual COLA for those who retire after that date.
"Discussions will continue over the next year to determine a cutoff date between the 13th check and COLA," Buchanan said. "I look forward to speaking with stakeholders in the future to determine a cutoff date that works for our public retirees like police officers, firefighters and teachers."
SB 275 now moves to the Senate Committee on Appropriations for further consideration.
Committee hearings can be viewed online by visiting iga.in.gov. Legislative calendars, agendas, vote tallies and proposed legislation can also be found on this site.
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State Sen. Brian Buchanan (R-Lebanon) represents Senate District 7,
which includes Clinton County and portions of Boone, Hendricks, and Montgomery counties.
Click here to download a high-resolution photo.
