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Old 02-06-2012, 02:59 PM
 
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Lawmakers in 9 states target own pension perks | Cincinnati.com | cincinnati.com (http://news.cincinnati.com/usatoday/article/52991858?odyssey=mod|newswell|text|FRONTPAGE|p - broken link)

Anyone know what the policy is on Indiana legislative pensions?
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Old 02-09-2012, 05:24 AM
 
Location: Central Indiana/Indy metro area
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Originally Posted by msamhunter View Post
Lawmakers in 9 states target own pension perks | Cincinnati.com | cincinnati.com (http://news.cincinnati.com/usatoday/article/52991858?odyssey=mod%7Cnewswell%7Ctext%7CFRONTPAGE %7Cp - broken link)

Anyone know what the policy is on Indiana legislative pensions?
It used to be really lucrative, typical of how elected officials liked to pad their own personal bank accounts. Indiana had one of the worst plans (from the view of taxpayers). For every $1 a legislator put in, the state kicked in a $4 match. Yes, some of these folks, who likely made $50K-$100K+/year could invest $10K in one year and end up with $50,000. Well, I don't know if they could actually invest that much, there may have been limits. Thankfully they changed it, knowing that as they were going to go after K-12 and other budgets, they needed to clean their own house. They also used to get full life-time healthcare benefits, but I think they had to serve so many years. They did do right with the healthcare issue. They basically said that if you run for re-election, you forfeit the benefit. Of course a handful or so retired, which to me shows they cared more about their own personal benefits than the desire to serve the people.

I'm glad Indiana stepped up, but the whole 4-for-1 plan came about because these folks claim they don't make enough money. They make anywhere from $40-$50K/year for the long session, and somewhere from $25-$35K/year for short sessions. They actually get a low wage, but get per diam that really bulks up their overall pay. Still, even with these wages for part-time work, they still claim they needed to do something to bulk up the pay. Of course the claim is always "to encourage good people to run." Here is a news article about the old benefit:

Indiana taxpayers contribute millions to lawmakers' generous pension plan | The Indianapolis Star | indystar.com

After reading the above, is it any wonder why there is serious dislike of government at all levels?
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