CHAPTER 6. RESTRICTED BENEFITS
IC 5-10.4-6
Chapter 6. Restricted Benefits
IC 5-10.4-6-1
Members retired on July 1, 1967; additional monthly benefit
Sec. 1. (a) In addition to any other benefit received from the fund,a person who, on July 1, 1967:
(1) received a retirement benefit from the fund; and
(2) did not receive a benefit under the federal Social SecurityAct;
shall receive thirty-five dollars ($35) per month.
(b) There is annually appropriated to the fund from money nototherwise appropriated in the state general fund an amount sufficientto pay the benefit described in subsection (a).
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-2
Members retired under law enacted before January 1, 1949;increased benefit
Sec. 2. (a) After July 9, 1949, a member receiving a retirementbenefit under Acts 1915, c.182, or any statute amendatory of orsupplemental to it enacted before January 1, 1949, is eligible, subjectto Acts 1949, c.130, s.2(j), to receive a retirement benefitapproximately equal to the state's proportionate share of a retirementbenefit provided by Acts 1949, c.130 for up to thirty (30) years ofservice. These members shall make written application for thesebenefits to the board at any time. Applications must be based on theservice record established in the office of the fund on April 1, 1949.Except as provided under IC 5-10.2-4-7(f), this retirement benefitmust begin on the tenth of the month following acknowledgment ofthe application.
(b) The board shall establish, with the advice of the fund'sactuary, a simplified table for computing the increases under thissection for the years of service. The board may provide by resolutionfor participation by the members receiving benefits under this sectionin the additional annuity fund.
(c) Within a reasonable time, the board shall issue to eachmember of the fund a service certificate that includes the following:
(1) The member's name.
(2) The member's last known address.
(3) The member's account number.
(4) The law under which the member is participating in thefund.
(5) The contribution due from the member.
(6) A certification of the total years of creditable service thatthe member has as of a date fixed by the board.
(d) The service certificate described in subsection (c) is final andconclusive regarding service in the fund. However, a member may,not later than one (1) year from the issuance or notification of thecertificate, request that the board modify the member's service
certificate.
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009,SEC.19.
IC 5-10.4-6-3
Members retired under law enacted before January 1, 1951;increased benefit
Sec. 3. (a) After July 9, 1951, a member receiving or entitled toreceive a retirement benefit that accrued before July 11, 1951, underActs 1915, c.182, or any statute amendatory of or supplemental toActs 1915, c.182 enacted before January 1, 1951, is eligible toreceive an increase in benefit. This benefit must be, when adjustedby the board to Acts 1951, c.142, s.2 (j), the equivalent of theretirement benefit for which the member would be eligible if theteacher had retired as a member of the fund under Acts 1951, c.142with the beginning age, years of teaching and equivalent service, andpayments made by the member at retirement.
(b) A member who has completed at least twenty (20) years ofservice is eligible to receive a retirement benefit from state sourcesof not less than four hundred twenty dollars ($420) a year.
(c) There is appropriated annually to the fund from the stategeneral fund, in addition to other appropriations for the fund, anamount sufficient to pay the retirement benefits specified in thissection.
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-4
Minimum benefit after June 30, 1965; members with at least 30years of creditable service; appropriation
Sec. 4. (a) Beginning July 1, 1965, a person who receives aretirement benefit shall receive from the fund an amount that whenadded to the person's pension benefit derived from state sources andthe person's Social Security benefit earned as a teacher equals at leastone hundred seventeen dollars and fifty cents ($117.50) per monthfor a person with thirty (30) years of creditable service. The amountof the benefit must be adjusted actuarially for more or fewer years ofservice.
(b) There is annually appropriated to the fund from money nototherwise appropriated in the state general fund an amount sufficientto pay the benefits described in this section.
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-5
Supplemental minimum benefit; retirees at least 65 years of age
Sec. 5. (a) A retired member is entitled to a supplementalretirement benefit to be paid by the fund as long as the membermeets the following conditions:
(1) The member currently receives an annuity, a pension, orother 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 retirementbenefits for which the member is eligible under the federalSocial Security Act is less than two hundred dollars ($200) permonth.
(b) The amount of the supplemental retirement benefit to whicha qualifying retired member is entitled each month is the differencebetween two hundred dollars ($200) and the total of all annuities,pensions, and retirement benefits that the member is eligible toreceive under the federal Social Security Act.
(c) A retired member who:
(1) is not eligible for an annuity, a pension, or a retirementbenefit under the federal Social Security Act; and
(2) qualifies under subsection (a);
is entitled to a supplemental retirement benefit of two hundreddollars ($200) per month.
(d) The general assembly shall biennially appropriate to the fundfrom money not otherwise appropriated in the state general fund theamount necessary to satisfy this section.
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-6
Postretirement increase payable after June 30, 1978
Sec. 6. (a) In addition to the increase provided in IC 5-10.2-5-6,the monthly benefit payable after June 30, 1978, to a member, or asurvivor or beneficiary of a member who retired or was disabled:
(1) before July 2, 1962, is increased by three percent (3%);
(2) after July 1, 1962, and before July 2, 1967, is increased bytwo percent (2%); and
(3) after July 1, 1967, and before July 2, 1972, is increased byone percent (1%).
(b) This section does not apply to benefits payable in a lump sum.
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-7
Restriction on charging postretirement increase to annuity reserve
Sec. 7. The costs of postretirement increases for the followingpersons may not be charged against the retired teacher annuityreserve:
(1) A member of the fund who has received a lump sumpayment under IC 5-10.2-4-2.
(2) Survivors and beneficiaries of a member described insubdivision (1).
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-8
Postretirement increase payable after December 31, 2002
Sec. 8. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2002, to a member ofthe fund (or to a survivor or beneficiary of a member of the fund)
who retired or was disabled:
(1) after July 1, 1995, and before July 2, 2000, shall beincreased by one percent (1%);
(2) after July 1, 1977, and before July 2, 1995, shall beincreased by two percent (2%); and
(3) before July 2, 1977, shall be increased by three percent(3%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-9
Postretirement increase payable after December 31, 2003
Sec. 9. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2003, to a member ofthe fund (or to a survivor or beneficiary of a member of the fund)who retired or was disabled:
(1) after July 1, 1996, and before July 2, 2001, shall beincreased by one percent (1%);
(2) after July 1, 1978, and before July 2, 1996, shall beincreased by two percent (2%); and
(3) before July 2, 1978, shall be increased by three percent(3%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
As added by P.L.2-2006, SEC.28.
IC 5-10.4-6-10
Postretirement increase payable after December 31, 2004
Sec. 10. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2004, to a member ofthe fund (or to a survivor or beneficiary of a member of the fund)who retired or was disabled:
(1) after July 1, 1996, and before July 2, 2002, shall beincreased by one percent (1%);
(2) after July 1, 1978, and before July 2, 1996, shall beincreased by two percent (2%); and
(3) before July 2, 1978, shall be increased by three percent(3%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability; (2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.
As added by P.L.2-2006, SEC.28.