Indiana Governor Mitch Daniels unveiled Thursday details of how the state surplus will divided up between the taxpayers and the state’s pension obligations.
Indiana closed the 2012 Fiscal Year with reserves of $2.155 billion or 15 percent of the state’s budget. In 2011, the Indiana General Assembly approved the governor’s plan for an automatic taxpayer refund if the state’s reserves exceeded 10 percent at the end of the budget year that ended on June 30. In future years, the reserve threshold will be 12.5 percent.
$360 million will go to the taxpayers in the form of refunds; $100 for single filing taxpayers, $200 for those filing jointly.
The other $360 million will be divided between five of the state’s pension funds
The five pensions and contribution amounts are:
· Judges Pension Fund, $90,187,160
· Conservation, Gaming, and Excise Officers’ Pension Fund, $14,619,112
· Prosecutors’ Pension Fund, $17,363,392
· State Police Pension Fund, $31,674,103
· Pre-1996 Teachers’ Retirement Fund, $206,796,233
You can hear Daniels’ comments below, as well as State Senator Luke Kenley as they respond to reporters’ questions regarding the surplus and future pension liabilities.