STATEHOUSE – House Bill (HB) 1560 authored by State Representative Martin Carbaugh (R-Fort Wayne) passed through the Senate and has been signed into law by Gov. Pence. This is the first piece of legislation authored by freshman Rep. Carbaugh to be signed into law.
HB 1560 allows employees of a school corporation to have more control over their retirement dollars. Employees will now have the option to roll their retirement funds into an IRA type fund, from accounts that have been closed from future contributions, granting them greater flexibility with how they choose to invest their funds.
“Giving teachers more control over their under-managed assets is the right thing to do,” said Rep. Carbaugh. “I think teachers have the right to invest these dollars, their own dollars, in the way they see most fit.”
Current law says that employees of a school corporation are required to invest their retirement funds only with vendors that have been approved by the school corporation. This restricts the amount of options teachers and other school employees have with their funds.
“Teachers should have control over the funds they worked so hard to save for retirement,” said Rep. Carbaugh.