Daniels Touts Funding For Teacher, Judge Pensions Created by kblakeslee on 10/4/2012 6:53:44 PM
INDIANAPOLIS (AP) - Gov. Mitch Daniels is touting investments in Indiana's public employee pension funds during his last few months in office.
Daniels said Thursday that $207 million will be invested in teacher pensions, along with $90 million toward judges' pensions and $32 million for police pensions.
The state closed its latest budget with roughly $2.2 billion in cash reserves. The state's automatic taxpayer refund mandates that $720 million of that money be split between returns to taxpayers and state pension funds.
Daniels dismissed concerns about the teachers' fund Thursday, but Senate budget leader Luke Kenley noted the problem will easily cost the state billions of dollars.
State pension officials told lawmakers this year the teacher pension payouts could begin eating $1 billion from the state budget each year in about a decade.