§ 5-10.4-6-3 — Members retired under law enacted before January 1, 1951; increased benefit

Indiana § 5-10.4-6-3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 6: Restricted Benefits

Text

(a) After July 9, 1951, a member receiving or
entitled to receive a retirement benefit that accrued before July 11,
1951, under Acts 1915, c.182, or any statute amendatory of or
supplemental to Acts 1915, c.182 enacted before January 1, 1951, is
eligible to receive an increase in benefit. This benefit must be, when
adjusted by the board to Acts 1951, c.142, s.2 (j), the equivalent of the
retirement benefit for which the member would be eligible if the
teacher had retired as a member of the fund under Acts 1951, c.142
with the beginning age, years of teaching and equivalent service, and
payments made by the member at retirement.
(b) A member who has completed at least twenty (20) years of
service is eligible to receive a retirement benefit from state sources of
not less than four hundred twenty dollars ($420) a year.
(c) There is appropriated annually to the fund from the state general
fund, in addition to other appropriations for the fund, an amount
sufficient to pay the retirement benefits specified in this section.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-6-3.]

Legislative History

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