SENATE BILL No. 55
DIGEST OF INTRODUCED BILL
Citations Affected: IC 5-10.4-6-11.
Synopsis: Retirement benefit adjustment. Provides that the pension
portion of the monthly benefit payable to a member of the Indiana state
teachers' retirement fund (TRF) who retired before January 1, 1979,
and has at least 20 years of creditable service may not be less than
Effective: January 1, 2010.
January 7, 2009, read first time and referred to Committee on Pensions and Labor.
First Regular Session 116th General Assembly (2009)
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SENATE BILL No. 55
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 5-10.4-6-11; (09)IN0055.1.1. -->
SECTION 1. IC 5-10.4-6-11 IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2010]: Sec. 11. (a) In addition to any other cost of
living increase provided under this chapter, the pension portion
(plus postretirement increases to the pension portion) provided by
employer or state contributions of the monthly benefit payable
after December 31, 2009, to a member of the fund (or to a survivor
or beneficiary of a member of the fund) who retired before
January 1, 1979, and has at least twenty (20) years of creditable
service may not be less than five hundred dollars ($500).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.