FOR IMMEDIATE RELEASE
STATEHOUSE (Sept. 24, 2026) — Thanks to the leadership and fiscal discipline of the Senate Republican caucus, the Pre-1996 Teachers' Retirement Fund will be fully funded nearly 10 years ahead of schedule, said State Sen. Ryan Mishler (R-Mishawaka), chair of the Senate Committee on Appropriations.
In 2018, the expected payoff date was in 2037, but thanks to Senate Republicans aggressively contributing $4.3 billion in extra payments, the state will now be able to pay off the Fund's liability in fiscal year 2028 with an estimated $160 million appropriation. Paying off this unfunded liability provides the General Assembly financial freedom and fiscal flexibility as they approach the 2027 budget session.
“Paying off the Pre-1996 unfunded liability has consistently been a huge priority for our caucus. It's a big win for Indiana and an achievement many other states can't attain,” Mishler said. “This is a result of our commitment to pass balanced budgets, work within our means and keep our financial promises to retired teachers in our state. As we approach the 2027 budget session, it is important that we remain disciplined to keep Indiana in a strong fiscal position.”
In addition to the regular $1 billion in annual payments, Senate Republicans spearheaded the following contributions to the pension fund:
The Pre-1996 Teachers' Retirement Fund is the state's only pay-as-you-go pension plan and is managed by the Indiana Public Retirement System for public school teachers hired prior to 1996. Senate Republicans began pursuing an aggressive buydown of the plan in 2021 to ensure all of the state's pension funds are healthy going forward.
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State Sen. Ryan Mishler (R-Mishawaka) represents Senate District 9,
which includes portions of Elkhart, Kosciusko, Marshall and St. Joseph counties.
Click here to download a high-resolution photo.
Contact: Karlee Monday, Press Secretary
Karlee.Monday@iga.in.gov
317-232-7184
