Citations Affected:
IC 21-6.1-5-9.
Synopsis: TRF benefit payments. Eliminates the requirement that the
last retirement benefit paid by the teachers' retirement fund be prorated
to terminate at the member's death. (The introduced version of this bill
was prepared by the pension management oversight commission.)
Effective: July 1, 2003.
January 7, 2003, read first time and referred to Committee on Pensions and Labor.
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
SECTION 1.
IC 21-6.1-5-9
, AS AMENDED BY P.L.195-1999,
SECTION 29, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2003]: Sec. 9. (a) The first pension benefit payment after
retirement shall be made not more than ninety (90) days after the
completion and filing of the member's application for retirement
benefits.
(b) After the first pension benefit payment, each person entitled to
benefits shall receive the retirement benefits in installments payable by
the tenth day of each month.
(c) The last retirement benefit payment must be prorated to
terminate at the member's death.
SECTION 2. [EFFECTIVE JULY 1, 2003]
IC 21-6.1-5-9
, as
amended by this act, applies to retirement benefits payable by the
Indiana state teachers' retirement fund after June 30, 2003.