Modifies the definition of "average of the annual compensation" for a member of the public employees' retirement fund (PERF) who retires after December 31, 2027. Specifies that compensation received in contemplation of retirement is excluded from the average of the annual compensation for particular members of PERF and the Indiana state teachers' retirement fund (TRF). Repeals a provision requiring the board of trustees of the Indiana public retirement system (board) to maintain separate accounts for each unit of local government. Provides that amounts forfeited under the public employees defined contribution plan must be used as determined by the board. (Current law requires these amounts to be used to reduce the unfunded accrued liability of PERF.) Specifies a process by which a fully vested member of the public employees' defined contribution plan or the teachers' defined contribution plan may irrevocably elect to participate in PERF or TRF, as applicable. Modifies the information that must be included in a delinquency notice to a delinquent political subdivision. Modifies the requirements that apply to certain PERF members purchasing and claiming years of service credit in PERF. Allows, subject to particular requirements, certain TRF members to purchase and claim years of service credit in TRF. Allows a PERF or TRF member's employer to pay all or part of the member's contributions required for purchase of service credit. Allows a wage assignment under certain provisions to be made for the purpose of paying amounts as part of an approved compensation or benefit plan: (1) adopted by a political subdivision; and (2) for employees of the political subdivision. Provides that a municipality, a unit, an airport authority, a school corporation, or a charter school may require certain members of PERF to continue as members of that fund instead of the 1977 police officers' and firefighters' pension and disability fund. Makes conforming amendments. (The introduced version of this bill was prepared by the interim study committee on pension management oversight.)

Statutes affected:
Introduced Senate Bill (S): 5-1-14-15, 5-10.2-4-3, 5-10.3-7-1, 5-10.3-7-4.3, 5-10.3-11-3, 5-10.3-12-25, 5-10.4-4-1, 5-11-20-6, 22-2-6-2, 36-8-8-3