Saturday, October 26, 2013
Ind. Gov't - More on proposed PERF pension cut
INDIANAPOLIS – The Indiana Public Retirement System board Friday punted on a legislative recommendation involving a future pension cut.There is much more information in both this story and the earlier story linked at the beginning of this post.
Instead of taking action, the board unanimously voted to seek clarification from leaders on the Pension Management Oversight Commission about a recent recommendation. The board will address the issue again in December.
“We’re somewhat unclear on the intent,” member Michael Pinkham of Fort Wayne said.
The legislative panel this week passed a nonbinding recommendation on a contentious pension cut for soon-to-be retired teachers and public employees. * * *
Indiana Public Retirement System board member Brian Abbott of Huntington said he took the wording to mean drop the guaranteed interest rate to below the fund’s rate of return. He concedes the rate should have been adjusted years earlier.
While the staff investigates the legislative intent, the process to hire an outside insurer to take over the annuities continues.
But Russo said the board would not sign a contract until after the 2014 legislative session.
Posted by Marcia Oddi on October 26, 2013 02:30 PM
Posted to Indiana Government