§ 5-10.4-6-4 — Minimum pension benefit after July 1, 2017; appropriation

Indiana § 5-10.4-6-4

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

Text

(a) Beginning July 1, 1965, a person who
receives a retirement benefit shall receive from the fund an amount that
when added to the person's pension benefit derived from state sources
and the person's Social Security benefit earned as a teacher equals at
least one hundred seventeen dollars and fifty cents ($117.50) per month
for a person with thirty (30) years of creditable service. The amount of
the benefit must be adjusted actuarially for more or fewer years of
service.
(b) Beginning July 1, 2017, the minimum pension benefit paid to a
regularly retired member receiving an unreduced pension benefit is one
hundred eighty-five dollars ($185) per month regardless of amounts
paid to the member from Social Security or other state sources of
retirement income or assistance.
(c) There is annually appropriated to the fund from money not
otherwise appropriated in the state general fund an amount sufficient
to pay the benefits described in this section.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-6-4.]

Legislative History

As added by P.L.2-2006, SEC.28. Amended by P.L.40-2017, SEC.15.