§ 5-10.4-6-5 — Supplemental minimum benefit; minimum pension benefit after July 1, 2017; appropriation

Indiana § 5-10.4-6-5

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

Text

(a) A retired member is entitled to a
supplemental retirement benefit to be paid by the fund as long as the
member meets the following conditions:
(1) The member currently receives an annuity, a pension, or other
retirement benefit from the fund.
(2) The member is at least sixty-five (65) years of age.
(3) The amount of all annuities, pensions, and retirement benefits
for which the member is eligible under the federal Social Security
Act is less than two hundred dollars ($200) per month.
(b) The amount of the supplemental retirement benefit to which a
qualifying retired member is entitled each month is the difference
between two hundred dollars ($200) and the total of all annuities,
pensions, and retirement benefits that the member is eligible to receive
under the federal Social Security Act.
(c) A retired member who:
(1) is not eligible for an annuity, a pension, or a retirement benefit
under the federal Social Security Act; and
(2) qualifies under subsection (a);
is entitled to a supplemental retirement benefit of two hundred dollars
($200) per month.
(d) 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.
(e) The general assembly shall biennially appropriate to the fund
from money not otherwise appropriated in the state general fund the
amount necessary to satisfy this section.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-6-5.]

Legislative History

As added by P.L.2-2006, SEC.28. Amended by P.L.40-2017, SEC.16.