STATEHOUSE (Oct. 2, 2020) – State Rep. Jeff Thompson (R-Lizton) said Indiana’s public pension funds grew during the last fiscal year despite the financial effects of the pandemic.
According to the Indiana Public Retirement System’s annual update, Indiana increased its public pension assets by 2.56 percent for a total of $36.9 billion during the 2020 fiscal year. The agency recently presented their report to the Interim Study Committee on Pension Management Oversight, which Thompson chairs. He said Indiana was well-positioned to weather the fiscal storm brought on by COVID-19 because of its track record of maintaining fiscal discipline and healthy reserves.
“Indiana public employees can rest easy knowing their retirement investments are safe,” Thompson said. “In fact, our state is 1 of 2 predicted to show net improvement with its pension system. Indiana’s fiscal discipline continues to put Hoosiers first and honor our financial obligations.”
The state’s prepaid pension programs are now funded 90.6 percent, an increase from 88.1 percent in the previous year. Thompson said this means Indiana’s public pension funds currently have the resources to pay nearly all the money that will eventually be required to be distributed to retired public employees. According to INPRS, prepaid pension programs are typically considered financially healthy when they are at or above 80 percent funded.
INPRS currently serves approximately 467,000 members, which include state and local government employees, law enforcement officers, judges and judicial staff, and teachers.
The Interim Study Committee on Pension Management Oversight is scheduled to meet again at 10 a.m. on Oct. 14 at the Statehouse. Visit iga.in.gov for more information.
