§ 5-10.5-4-2.6 — Annuity interest rates

Indiana § 5-10.5-4-2.6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.5: INDIANA PUBLIC PENSION
• Ch. 4: Board Powers and Duties

Text

6. (a) This subsection applies after September
30, 2014, and before January 1, 2017.The following interest rates shall
be used to determine the annuity amount purchasable by a member of
the public employees' retirement fund or the teachers' retirement fund
who elects to receive, as part of the member's retirement or disability
benefit, an annuity provided by the amount credited to the member in
the member's annuity savings account:
(1) After September 30, 2014, and before October 1, 2015, five
and seventy-five hundredths percent (5.75%).
(2) After September 30, 2015, and before January 1, 2017, the
greater of:
(A) the interest rate for similar annuities being purchased in the
private market as determined by the board; or
(B) four and one-half percent (4.5%).
(b) This subsection applies after December 31, 2016, whenever the
board enters into an agreement with a third party provider to provide
annuities for retiring members of the public employees' retirement fund
or the teachers' retirement fund. The interest rate used to determine the
annuity amount purchasable by a member is equal to the rate for
similar annuities being purchased in the private market as
recommended by the third party provider.

Legislative History

As added by P.L.177-2014, SEC.5.