Sec. 16. The computation of benefits described in section 2 of this chapter applies to benefits payable on and after July 1, 1975, and includes benefits payable to members who retired or whose employment was terminated before that date. However, a member's benefits may not be reduced below the amount paid to the member before July 1, 1975. The benefits for a member who retired before January 1, 1956, shall be computed by multiplying fifteen dollars ($15) by the member's years of service and then actuarially adjusting the product obtained to take into account a member's early retirement and the retirement option selected by a member using the factors in effect on July 1, 1975.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-19(b).]
As added by P.L.2-2006, SEC.28.
Structure Indiana Code
Title 5. State and Local Administration
Article 10.4. State Teachers' Retirement Fund
5-10.4-5-0.2. Application of Certain Amendments to Chapter
5-10.4-5-0.3. Validation of Certain Actions Taken by Public Schools
5-10.4-5-1. Disability Benefit
5-10.4-5-2. Calculation of Disability Benefit
5-10.4-5-3. Deduction From Death Benefits
5-10.4-5-4. Election to Terminate Disability Benefit at Retirement Age
5-10.4-5-5. Prohibition Against Mandatory Retirement Age
5-10.4-5-6. Eligibility for Retirement Benefits
5-10.4-5-7. Member-Legislators
5-10.4-5-8. Designation of Retirement Date
5-10.4-5-9. Schedule; Initial Pension Benefit
5-10.4-5-10. Cancellation of Uncashed Benefit Check
5-10.4-5-12. Death Before Retirement; Payment of Benefits
5-10.4-5-13. Calculation of Benefit; Teaching After Initial Retirement
5-10.4-5-14.5. Assignment of Benefits
5-10.4-5-15. Termination of Benefits; Grounds; Limitations
5-10.4-5-16. Retirement Before July 1, 1975; Limitations on Reductions in Benefits