Pension Management Oversight Committee Holds Final Meeting Of 2023

The Interim Study Committee on Pension Management Oversight approved a report during the committee’s final meeting of 2023 Tuesday, Oct. 24, said State Sen. Brian Buchanan, chair of the committee.

In preparation for 2026-2027 state budget, the committee studied cost-of-living adjustment (COLA) increases for retirees who participate in the Indiana Public Retirement System (INPRS) and the fiscal impacts of these increases to state and local units of government.

“The Indiana pension system is reputable for being strong and reliable, and the General Assembly is committed to guaranteeing retirees’ hard-earned money is managed responsibly,” Buchanan said. “I believe this report and its recommendations will not only maintain INPRS’ strength but helps the system better manage public employees’ retirement money.”

The report recommends the General Assembly consider legislation that would provide an annual 13th check for public employees who retire before a yet-to-be-determined date and an annual COLA for those who retire after that date. Both recommendations are subject to the budget process.

The committee also recommends legislation be introduced that would require the Indiana State Police to maintain a reserve account to pay postretirement benefits.