Indiana State Comptroller Elise Nieshalla issued the following statement after the governor ceremoniously signed SEA 14 into law, authorizing an increase to the employer match for Indiana’s Deferred Compensation Retirement Plan, Hoosier START.
“SEA 14 received unanimous, bipartisan support in both chambers of the Indiana General Assembly, underscoring the legislature’s shared commitment to providing updated, fiscally responsible benefits for state employees. When we identified that the match amount was still at $15, the original amount when the benefit started 26 years ago, we got to work finding a budget-neutral way to bring it in line with present-day value, which helps the State maintain a competitive retirement package for employees.”
SEA 14 modernizes key components of the State’s retirement benefits at no extra cost to taxpayers by offering employees the option to redirect an existing and often forfeited benefit option to support an increased State match. Pending State Budget Committee approval, the maximum employer contribution for eligible employees will rise from up to $15 per paycheck (original amount) to up to $28 per paycheck (present-day value) beginning after Dec. 31, 2026.
As with the current match, it will continue to be applied automatically for eligible Hoosier START participants and will remain subject to review every two years through the State’s biennial budget process.
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