Indiana Code 5-10.5-4-8. Surcharge rates to prefund postretirement benefits
Current as of: 2024 | Check for updates
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Sec. 8. (a) The board shall set the surcharge rates under IC 5-10.2-12-3 at a level to actuarially prefund:
(2) one percent (1%) annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2025.
(1) annual indexed thirteenth checks for all current retired members and beneficiaries retired before July 1, 2025; and
Terms Used In Indiana Code 5-10.5-4-8
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The board shall not reduce the surcharge rates under IC 5-10.2-12-3 from the prior year.
(c) The board may increase the surcharge rates under IC 5-10.2-12-3 by not more than one-tenth percent (0.1%) of payroll from the prior year.
(d) This section expires December 31, 2029.
As added by P.L.129-2024, SEC.5.