today announced $360 million from the state's budget surplus would shore up five pension funds
.
Daniels said $90.2 million would go to the Judges' Pension Fund; $14.6 million would go to the Conservation, Gaming and Excise Officers' Pension Fund; $17.4 million would go to the Prosecutor's Pension Fund; $31.7 million would go to the State Police Pension Fund and $206.8 million to the Pre-1996 Teachers' Retirement Fund.
.
From his office in the Statehouse in Indianapolis, Daniels said most of the state's pension funds are now considered to be fully funded. That means they're at 80 percent.
An exception is the teacher's fund. Sen. Luke Kenley
, R-Noblesville, the Indiana Senate's fiscal expert, said state officials are seeking ways to fund that pension, which has been a pay-as-you-go system since it was created in 1921. That means it's not fully funded by money that's set aside. Instead, the state funds it each year.
Daniels had previously announced the $360 million would be used for state pension funds, but this is the first time he has released details.
The state also will return $360 million to state taxpayers, Daniels has previously announced. Each individual filing a return will get roughly $100 and each joint filer will get roughly $200. Daniels expects more details later this month. That money will be returned to taxpayers as a deduction rather than a check.
The state also will return $360 million to state taxpayers, Daniels has previously announced. Each individual filing a return will get roughly $100 and each joint filer will get roughly $200. Daniels expects more details later this month. That money will be returned to taxpayers as a deduction rather than a check.
