A new session of the Indiana General Assembly is underway, with lower property taxes the number one issue on their agenda.

John Limberg of Granger has a Good Question: Is it true that members have their own separate retirement plan that doesn't cost them anything?

WSBT's Kirk Mason has the answer.

The Indiana Public Employee Retirement Fund, or PERF, is the plan state legislators use. Most have what's called a defined contribution plan. It's basically a 401k.

It's funded by the legislator contributing 5 percent of his/her state salary. Then the state pumps the equivalent of 20 percent of the lawmaker’s salary into the fund.

There is no pension benefit available under this plan. That means when lawmakers leave office they receive their contributions, but how much money depends on how good the investments were.

Now for a much smaller number of state legislators in office before May of 1989, they fall under a defined benefit plan, which is basically a pension plan.

Indiana state representatives make $11,500 a year. They will get a raise in 2009.

But obviously their retirement fund from their state job is not enough to retire on alone.