HOUSE BILL No. 1419
DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-10.2-5-38.
Synopsis: TRF cost of living adjustment. Provides a cost of living
adjustment for members, survivors, and beneficiaries of the teachers'
retirement fund (TRF) after December 31, 2005.
Effective: July 1, 2005.
Woodruff, Smith J, Davis
January 13, 2005, read first time and referred to Committee on Employment and Labor.
First Regular Session 114th General Assembly (2005)
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HOUSE BILL No. 1419
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-10.2-5-38; (05)IN1419.1.1. -->
SECTION 1. IC 5-10.2-5-38 IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2005]: Sec. 38. (a) The pension portion (plus postretirement
increases to the pension portion) provided by employer
contributions of the monthly benefit payable after December 31,
2005, to a member of the Indiana state teachers' retirement fund
(or to a survivor or beneficiary of a member of the Indiana state
teachers' retirement fund) who retired or was disabled:
(1) after July 1, 1997, and before July 2, 2003, shall be
increased by one percent (1%);
(2) after July 1, 1979, and before July 2, 1997, shall be
increased by two percent (2%); and
(3) before July 2, 1979, shall be increased by three percent
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement or
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.