Indiana should move from ad hoc public retirement benefit increases to a long-term approach that guarantees former public employees a 13th check or cost of living adjustment, or COLA, annually, an interim committee recommended Tuesday.
House Bill 1008 has been significantly watered down since it was first introduced, but Republicans say the anti-ESG legislation still accomplishes its intent.
Indiana’s public pension system over the next several months will consider participation in a $1 billion economic-development initiative proposed by outgoing Republican Gov. Mike Pence.
Mayor Joe Hogsett wants to replace traditional pensions for future employees with a retirement option more like a private-sector 401(k) as a way to help erase the city’s multimillion-dollar deficit.
The drop in oil prices since July left more money in consumer bank accounts, but it was costly to Indiana’s pension funds.
