By State Sen. Daryl Schmitt (R-Jasper)
At a time when affordability is top of mind for Hoosiers, it is important that your state government is living within its means and managing your hard-earned tax dollars efficiently and effectively – just like you and your families must do.
We cut the state income tax and property taxes, kept state spending in check, uncovered and eliminated waste, fraud and abuse and paid down debt. We’ve taken many steps to help you meet your bottom line and offer much-needed stability during these difficult economic times.
That’s why I’m proud to announce that Indiana has achieved the goal of paying down the debt we owe to the Pre-1996 Teacher’s Retirement Fund nearly a decade early. Thanks to our sound fiscal management and prudent spending, we have been able to direct $4.3 billion towards the fund since 2018 and will make the final payment in fiscal year 2028, a full 10 years ahead of schedule.
This means Indiana teachers will no longer have to worry about their pensions being fully funded – and will give them peace of mind knowing they can count on the pension they worked so hard to earn. The men and women who dedicate their careers to shaping the minds of Hoosier students deserve to know how much their contributions to our state are valued, and this is one important way we can demonstrate that.
Just like my Senate Republican colleagues, I am a man of my word. We made a commitment to our teachers that we would meet this obligation ahead of schedule – and we kept it. This is in stark contrast to our neighboring states like Kentucky, who cut teacher pensions by millions of dollars, or Illinois, which has the seventh worst funded teacher pension system in the country.
It is also important to note that, by paying off this debt early, more funds will be available to support critical priorities and give us greater flexibility when crafting the state’s next budget.
I am committed to providing my constituents with state government that lives within its means and makes every one of your hard-earned tax dollars stretch as far as we can make it go. Paying down billions in debt early is one more important way we can accomplish that goal.
As always, constituents can reach out to me with any questions or concerns by email at s48@iga.in.gov or by phone at 1-800-382-9467.
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State Sen. Daryl Schmitt (R-Jasper) represents Senate District 48,
which includes Crawford, Dubois, Gibson, Perry, Pike and Spencer counties.
Click here to download a high-resolution photo.
