§ 5-10.4-5-16 — Retirement before July 1, 1975; limitations on reductions in benefits

Indiana § 5-10.4-5-16

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 5: Benefits

Text

The computation of benefits described in
section 2 of this chapter applies to benefits payable on and after July 1,
1975, and includes benefits payable to members who retired or whose
employment was terminated before that date. However, a member's
benefits may not be reduced below the amount paid to the member
before July 1, 1975. The benefits for a member who retired before
January 1, 1956, shall be computed by multiplying fifteen dollars ($15)
by the member's years of service and then actuarially adjusting the
product obtained to take into account a member's early retirement and
the retirement option selected by a member using the factors in effect
on July 1, 1975.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-5-19(b).]

Legislative History

As added by P.L.2-2006, SEC.28.