Gov. Mitch Daniels has divided more than $360 million from the Indiana’s budget surplus among five retirement and pension funds for state employees. Roughly $207 million went to the state’s teacher retirement fund — which is still several billion dollars short of being fully-funded.
“It’s not a pension fund. It’s a pay-as-you-go system so there’s not a funding number that applies to it. But we are nearing the date— it’s a very manageable amount, a few percent of each year’s state budget,” Daniels told Indiana Public Media statehouse reporter Brandon Smith. More from the AP: