The 2024 Indiana General Assembly approved three INPRS-related legislative changes. Below is a summary of the legislation. You may e-mail inquiries to questions@inprs.in.gov or call (844) GO-INPRS for more information. These laws are effective on July 1, 2024, unless otherwise noted.
HEA 1004 — 13th Checks, COLAs and SRAs (PERF, TRF ’96, and EG&C)
- INPRS will set a surcharge to actuarially fund 13th checks and 1% annual cost of living adjustments (COLAs) depending upon the individuals' retirement dates.
- For qualifying PERF, TRF ’96, and EG&C plan members and beneficiaries retiring before July 1, 2025, INPRS will set the actuarial surcharge necessary to grant annual indexed 13th checks.
- For qualifying PERF, TRF ’96, and EG&C future retiree members retiring on or after July 1, 2025, INPRS will set the actuarial surcharge necessary to grant annual 1% annual COLAs.
- INPRS is not allowed to reduce surcharge rates from the prior year. The INPRS Board of Trustees may increase the surcharge to no more than 0.1% of payroll from the prior year.
- Section 5 of HEA 1004 will expire on December 31, 2029.
HEA 1004 — Deferred Retirement Option Plan (DROP) Enrollment Extension (’77 Fund and EG&C)
The number of years members of the 1977 Police Officers’ and Firefighters’ Retirement Fund, and Excise, Gaming & Conservation Officers’ Fund may enroll in the DROP is increased from 36 months to 60 months, if the election to enter the DROP occurs after June 30, 2024.
- If a member entered the DROP before July 1, 2024, and has not exited the DROP, the member may elect to extend the DROP retirement date up to 60 months after the entry date.
- Participants must notify their employer of the DROP election within 30 days.
HEA 1104 — School Resource Officers’ ’77 Fund Eligibility
School corporations or charter schools that employ full-time resource officers may elect to participate in the ’77 Fund. Additional requirements apply, and independent contractors are not eligible.
- A school resource officer hired or rehired after June 30, 2024, who is a member of the ’77 Fund shall remain a member of the '77 Fund according to IC 36-8-8-3(g). Note that other '77 Fund provisions apply.
- A school resource officer employed by a school corporation or charter school that participates in the ‘77 Fund but is also a PERF member may elect to continue as a member of PERF instead of the '77 Fund.
- To be eligible, school resource officers must meet age requirements, pass baseline physical and mental examinations, and meet training requirements.
- Prior service is determined under the provisions IC 36-8-8-18 and IC 36-8-8-18.1. No other service credit may be recognized.
- School resource officers who are current employees at or above age 40 at the time the school joins are not eligible for '77 Fund Membership.
Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.