A bill authored by State Sen. Victoria Spartz (R-Noblesville) that would provide lawmakers with more relevant pension-related information recently passed the Senate by a unanimous vote.
Senate Bill 545 would require the executive director of the Indiana Public Retirement System and trustee of the Indiana State Police Pension Trust to report any stress tests as well as sensitivity and risk analyses performed each year to the Interim Study Committee on Pension Management Oversight.
“Indiana appropriates over $1 billion per year for pensions. Additionally, state and local governments contribute millions each year,” Spartz said. “Unfunded pension liabilities represent almost one-fourth of state personal income. These calculations involve a lot of estimates and assumptions. Understanding risks is extremely important for legislators to make better-informed decisions for the long-term success of pension plans.”
The Interim Study Committee on Pension Management Oversight meets annually during the summer and fall months.
SB 545 will now move to the House of Representatives for further consideration.