ISTA wishes to thank Rep. Woody Burton (R-Whiteland) who has been out-front since the beginning on the INPRS annuity issue and author of HB 1075—a bill to find a better alternative than the INPRS plan to outsource all annuity work resulting in huge cuts to benefits, especially for fund members closest to retirement.
As Rep. Burton said on an Indianapolis CBS affiliate (WISH-TV) feature last night:
“What I had a problem with was saying to someone who’s been working there 25 years — we’re going to do this this year. And, either you retire and switch that over, or you run the risk of losing some money, up to 20-25 percent, maybe.”
Rep. Burton “gets it” and ISTA wishes to thank him for taking this issue on.
House Bill 1075 would block INPRS from privatizing annuities until at least 2019 and would set up a formula through which the annuitization rate used “in-house” would be much better than what INPRS is calling for.
HB 1075 is now in the Senate and will likely be heard next Wednesday in Senate Pensions & Labor Committee. Please contact the members of this committee to urge their support of HB 1075.
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