Section 5-10.5-4-8 - [Effective 7/1/2025](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, 2025; and(2) one percent (1%) annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2025.(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.Added by P.L. 129-2024,SEC. 5, eff. 7/1/2025.