35 Ind. Admin. Code 14-9-7

Current through November 6, 2024

Section 35 IAC 14-9-7 - Minimum disability retirement benefit

Authority: IC 5-10.5-4-2

Affected: IC 5-10.2-4-7; IC 5-10.4-5-1

Sec. 7.

(a) The minimum monthly disability retirement benefit is one hundred eighty dollars ($180) only if the member chooses the five (5) year retirement benefit guarantee and purchases an annuity with the amount credited in the member's annuity savings account.

(b) The minimum monthly disability retirement benefit shall be no less than the actuarial equivalent of one hundred eighty dollars ($180) if the member chooses:

(1) to take the amount credited to the member's annuity savings account in a lump sum distribution;

(2) a retirement benefit option under IC 5-10.2-4-7; or

(3) a combination of a lump sum distribution of the annuity savings account and an option under IC 5-10.2-4-Sec. 7.

35 IAC 14-9-7

Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-9-7; filed Oct 5, 1992, 5:00 p.m.: 16 IR 713; readopted filed Dec 3, 2001, 11:02 a.m.: 25 IR 1731; adopted Nov 19, 2008: 20081126-IR-550080887ONA

Transferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-9-6) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-9-7) by P.L. 23-2011, SECTION 22, effective July 1, 2011.