IC 5-10.5-4-8 — Surcharge rates to prefund postretirement benefits
Chapter 4. Board Powers and Duties
Section text
Sec. 8. (a) The board shall set the surcharge rates under IC 5-10.2-12-3 at a level to actuarially prefund: (1) annual indexed thirteenth checks for all current retired members and beneficiaries retired before July 1, 2029; and (2) one percent (1%) annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2029. (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, 2031.
As added by P.L.129-2024, SEC.5. Amended by P.L.226-2025, SEC.1.
Source: official publisher (2026 edition)