State Representative Jack Jordan (R-Bremen) is highlighting a major fiscal milestone for Indiana, announcing that the state's Pre-1996 Teachers' Retirement Fund is expected to be fully funded a decade earlier than projected.
"It was recently announced that Indiana's Pre-1996 Teachers' Retirement Fund is expected to be fully funded a decade earlier than projected," Jordan said in a recent release. "Indiana's fiscal responsibility is paying off for Hoosier teachers and taxpayers."
Thanks to a concerted effort by Statehouse Republicans to make additional payments on top of annual appropriations, the fund is now on track to be fully vested by 2028 instead of 2038. The General Assembly earmarked nearly $14 billion to the Pre-96 fund over the last decade, with more than $4 billion of that coming in the form of additional contributions.
Jordan said those investments have paid off in a big way for Hoosier schools.
"Those investments have saved Hoosier K-12 schools more than $14 billion over the last decade," Jordan said.
The Pre-96 fund supports pension payments for Hoosier teachers hired before July 1, 1995. It was designed as a "pay-as-you-go" model where benefits are paid out as they come due. The fund currently supports nearly 52,000 retired teachers and will support approximately 3,900 additional currently active teachers.
By achieving full funding early, the state will save future taxpayers from the need to cover over $1 billion annually in defined benefit costs.
Jordan noted that these efforts have strengthened retirement security for teachers, saved schools billions, and reduced a major long-term cost for taxpayers.
"House Republicans will continue to protect your tax dollars, uphold our obligations, and deliver savings for our state," Jordan said.
Indiana continues to maintain one of the lowest debt burdens among all states. According to S&P Global Ratings, Indiana has the fourth-lowest net tax-supported debt per capita in the country.
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