Change to public employee annuities spurs exodus
A northwestern Indiana judge will lose a combined 67 years of experience from his staff later this month.
Porter Superior Court Judge Roger Bradford's executive assistant, bailiff and court reporter all are retiring Aug. 29, partly to avoid reductions in the amount of money they receive from their public employee retirement plan annuities.
Executive assistant Julie Powell said she and her co-workers have to leave now to avoid watching the returns on the annuity portion of their retirement plans fall below a guaranteed 7.5 percent under changes the Indiana Public Retirement System made to reduce the possibility of unfunded liabilities.
The (Munster) Times reported Sunday the state office projects about 9,700 retirements this year from workers covered by the Public Employees Retirement Fund and the Teachers Retirement Fund.
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