(INDIANAPOLIS) - Indiana's deferred compensation retirement plan could soon offer a higher employer match under new legislation.
State Comptroller Elise Nieshalla says Senate Enrolled Act 14 allows the state to increase the employer match for Hoosier START without adding cost to taxpayers.
The plan would raise the maximum employer contribution from up to $15 per paycheck to up to $28 per paycheck. The current $15 amount has remained unchanged since the program began 26 years ago.
Officials say the increase would be funded by allowing employees to redirect an existing benefit option that is often not used, keeping the change budget-neutral.
The proposal still requires approval from the State Budget Committee. If approved, the increased match would take effect after December 31, 2026.
The match would continue to be automatically applied for eligible participants and reviewed every two years as part of the state's budget process.