Legislators' Retirement System Member Handbook: Participating in the Fund
The Legislators’ Retirement System (LRS) includes a Defined Benefit Fund and a Defined Contribution Fund. Your participation in one or both of these funds depends on when you served in the Indiana General Assembly. The Defined Benefit Fund applies only to legislators who were members of the General Assembly on April 30, 1989, and chose to participate.
If your service in the General Assembly was completed before April 30, 1989, you will continue as a member of the Public Employees’ Retirement Fund (PERF). You will not participate in the LRS. Employer contributions and their investment earnings fund the Defined Benefit Fund. A lifetime monthly benefit is guaranteed to employees who qualify. The Defined Contribution Fund applies to legislators who were elected or appointed after April 30, 1989, or who were in service on this date and elected to participate in this new plan. You become vested immediately at the time of hire.
If you became a member of the General Assembly on or after April 30, 1989, or if you chose coverage under IC 2-3.5-3-1(b), you are covered under the Defined Contribution Fund.
Members in this plan include those who:
- are new to the General Assembly, and
- served before April 30, 1989 (but ended service before that date), and returned to service after April 30, 1989.
Section Two: The Defined Contribution Fund