Indiana Code 5-10.4-6-7. Restriction on charging postretirement increase to annuity reserve
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Sec. 7. The costs of postretirement increases for the following persons may not be charged against the retired teacher annuity reserve:
(2) Survivors and beneficiaries of a member described in subdivision (1).
(1) A member of the fund who has received a lump sum payment under IC 5-10.2-4-2.
Terms Used In Indiana Code 5-10.4-6-7
- 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.
[Pre-2006 Education Finance Recodification Citation: 5-10.2-5-18.]
As added by P.L.2-2006, SEC.28.