Exciting news!
The House Ways and Means Committee met on Wednesday, February 18. They heard HB 1481 which allows for a two-year COLA. Two amendments were offered and both passed and were added to the bill.
These amendments changed the bill so that it reads a Defined Benefit is still the default option, but teachers will be able to choose the defined Contribution if they want to. It also was changed so that it reads that teachers would make the choice, not the school corporation. The bill passed the Ways and Means Committee unanimously!
In its present form, the bill allows a one per cent COLA for September, 2015, and a 1.7 per cent for 2016. The figures and/or the language could be changed at several points in the process still to come.
We are grateful to Chairman Tim Brown for his support for this bill. He spoke to the committee about the seven years without a COLA, and the actuarial suppositions that are included with the INPRS estimates each year.
After Nancy testified on behalf of the bill, Chairman Brown asked Nancy if this was her last time to testify. He then thanked her for her service and the whole committee and audience members applauded.
To do right away:
- Thank Representative Tim Brown, H41@in.gov for his support and recognition of Nancy.
- Thank Representative Woody Burton, H58@in.gov for carrying the COLA bill and for his willingness to work on a compromise for the Defined Benefit issue.
- Thank Representative David Niezgodski, H7@in.gov for his work on reaching a compromise and for his continued support for our issues.
Get ready to write your Senator in early March to URGE him or her to support the bill when it is heard in the Senate Committees.
Nancy and Tom
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