Sec. 2. (a) After July 9, 1949, a member receiving a retirement benefit under Acts 1915, c.182, or any statute amendatory of or supplemental to it enacted before January 1, 1949, is eligible, subject to Acts 1949, c.130, s.2(j), to receive a retirement benefit approximately equal to the state’s proportionate share of a retirement benefit provided by Acts 1949, c.130 for up to thirty (30) years of service. These members shall make written application for these benefits to the board at any time. Applications must be based on the service 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 benefit must begin on the tenth of the month following acknowledgment of the application.

     (b) The board shall establish, with the advice of the fund’s actuary, a simplified table for computing the increases under this section for the years of service. The board may provide by resolution for participation by the members receiving benefits under this section in the additional annuity fund.

Terms Used In Indiana Code 5-10.4-6-2

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
  • Statute: A law passed by a legislature.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) Within a reasonable time, the board shall issue to each member 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 the fund.

(5) The contribution due from the member.

(6) A certification of the total years of creditable service that the member has as of a date fixed by the board.

     (d) The service certificate described in subsection (c) is final and conclusive regarding service in the fund. However, a member may, not later than one (1) year from the issuance or notification of the certificate, request that the board modify the member’s service certificate.

[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-2.]

As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.19.

  Previous section
Next section  
 Chapter 6 Contents