reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-10. Investments

Sec. 10. (a) The board shall invest its assets with the care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims. The board also shall diversify investments in accordance with prudent investment standards, subject to the limitations and restrictions set forth in IC 5-10.2-2-18.
(b) The board may:
(1) make or have investigations made concerning investments; and
(2) contract for and employ investment counsel to advise and assist in the purchase and sale of securities.
(c) The board is not subject to IC 4-13, IC 4-13.6, or IC 5-16 when managing real property as an investment. A management agreement entered into by the board shall ensure that the management agent acts in a prudent manner regarding the purchase of goods and services. Contracts for the management of investment property shall be submitted to the governor, the attorney general, and the budget agency for approval. A contract for the management of real property as an investment:
(1) may not exceed a four (4) year term and must be based upon guidelines established by the board;
(2) may provide that the property manager may collect rent and make disbursements for routine operating expenses such as utilities, cleaning, maintenance, and minor tenant finish needs;
(3) shall establish, consistent with the board's duty under IC 30-4-3-3(c), guidelines for the prudent management of expenditures related to routine operation and capital improvements; and
(4) may provide specific guidelines for the board to:
(A) purchase new properties;
(B) contract for the construction or repair of properties; and
(C) lease or sell properties;
without individual transactions requiring the approval of the governor, the attorney general, the Indiana department of administration, and the budget agency. However, each individual contract involving the purchase or sale of real property is subject to review and approval by the attorney general at the specific request of the attorney general.
(d) Whenever the board takes bids in managing or selling real property, the board shall require a bid submitted by a trust (as defined in IC 30-4-1-1(a)) to identify all the following:
(1) Each beneficiary of the trust.
(2) Each settlor empowered to revoke or modify the trust.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-9.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-11. Compliance With Federal Law

Sec. 11. The board's transactions under section 10 of this chapter are subject to IC 5-10.2-2-1.5.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-9.1.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-12. Form of Securities

Sec. 12. Each security may be held in bearer form or registered in the name of:
(1) the fund;
(2) a nominee created by the board; or
(3) a nominee of a custodian bank or safekeeping bank, approved by the board.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-11.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-13. Custodial Agreements

Sec. 13. (a) The board may enter into a custodial agreement on terms the board considers in the best interest of the fund with a bank or trust company that is domiciled in the United States and approved by the board to:
(1) act in a fiduciary capacity; and
(2) manage custodial accounts;
on behalf of the fund.
(b) The agreement described in subsection (a) may authorize the custodian to:
(1) hold the fund's securities and other investments in the name of the fund or a nominee, or in bearer form;
(2) collect the income and other receipts from the securities and other investments and deposit them subject to the instructions of the board or the board's representative;
(3) reinvest the receipts on the direction of the board or the board's representative;
(4) maintain accounting records and prepare reports as may be required for use by the fund and the state board of accounts; and
(5) perform other services for the board that are appropriate and customary for the custodian.
(c) The custodian is responsible for all securities held in the name of its nominee for the fund.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-13.]
As added by P.L.2-2006, SEC.28. Amended by P.L.90-2008, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-14. Management of Custodial Account

Sec. 14. All income and other receipts from securities may be:
(1) collected by the custodian bank or safekeeping bank approved for that purpose by the board and deposited in the custodial account or a checking account of the board;
(2) reinvested from the custodial account or checking account when the board determines that the receipts may be safely invested; or
(3) withdrawn by the board for the immediate needs of the fund from the checking account or custodial account.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-15.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.14.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-15. Conflict of Interest Prohibited

Sec. 15. (a) Except as otherwise provided, a trustee or employee of the board may not have any direct interest in the income of an investment made by the board or may not receive any pay or emolument for services connected with any investment made by the board.
(b) The board may purchase a security or financial interest issued or owned by a:
(1) custodian bank or trust company; or
(2) subsidiary, parent corporation, or holding company of a custodian bank or trust company.
(c) A trustee or employee may not become an obligor for money loaned by or borrowed from the fund.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-18.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 3. Board › 5-10.4-3-16. Criminal Penalties

Sec. 16. A person who recklessly violates section 10, 12, 14, or 15 of this chapter is subject to IC 35-44.2-2-4.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-3-19.]
As added by P.L.2-2006, SEC.28. Amended by P.L.126-2012, SEC.16; P.L.32-2019, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-0.1. Application of Certain Amendments to Chapter

Sec. 0.1. The amendments made to section 8 of this chapter by P.L.201-2007 apply to members of the Indiana state teachers' retirement fund who retire after June 30, 2007.
As added by P.L.220-2011, SEC.88.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-0.2. Application of Certain Amendments to Chapter

Sec. 0.2. The amendments made to IC 21-6.1-4-6.1 (before its repeal, now codified at section 8 of this chapter) by P.L.184-2001 apply only to members of the public employees' retirement fund or the Indiana state teachers' retirement fund who retire after June 30, 2001.
As added by P.L.220-2011, SEC.89.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-1. Membership

Sec. 1. (a) The members of the fund include:
(1) legally qualified and regularly employed teachers in the public schools;
(2) persons employed by a governing body, who were qualified before their election or appointment;
(3) legally qualified and regularly employed teachers at Ball State University, Indiana State University, University of Southern Indiana, and Vincennes University;
(4) legally qualified and regularly employed teachers in a state educational institution whose teachers devote their entire time to teaching;
(5) legally qualified and regularly employed teachers in state benevolent, charitable, or correctional institutions;
(6) legally qualified and regularly employed teachers in an experimental school in a state university who teach elementary or high school students;
(7) as determined by the board, certain instructors serving in a state educational institution extension division not covered by a state retirement law;
(8) employees and officers of the department of education and of the fund who were qualified before their election or appointment;
(9) a person who:
(A) is employed as a nurse appointed under IC 20-34-3-6 by a school corporation located in a city having a population of more than sixty-nine thousand (69,000) and less than sixty-nine thousand five hundred (69,500); and
(B) participated in the fund before December 31, 1991, in the position described in clause (A); and
(10) persons who are employed by the fund.
(b) Teachers in any state institution who accept the benefits of a state supported retirement benefit system comparable to the fund's benefits may not come under the fund unless permitted by law or the rules of the board.
(c) The members of the fund do not include substitute teachers who have not obtained an associate degree or a baccalaureate degree.
(d) The members of the fund do not include individuals who participate in the teachers' defined contribution plan under IC 5-10.4-8.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-1.]
As added by P.L.2-2006, SEC.28. Amended by P.L.2-2007, SEC.95; P.L.119-2012, SEC.14; P.L.217-2017, SEC.57; P.L.104-2022, SEC.16.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-2. Creditable Service

Sec. 2. (a) Creditable service is determined under IC 5-10.2-3-1 and this chapter.
(b) A member, whether or not the member is employed under a contract, must serve at least:
(1) one hundred twenty (120) days in a year; or
(2) sixty (60) days in each of two (2) years;
to receive one (1) year of service credit in the fund.
(c) Except as otherwise specified, a member may not be granted more than one (1) year of credit for service in a calendar year or fiscal year.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-2.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-3. Creditable Service Earned Under Prior Law

Sec. 3. (a) Except as provided in subsection (b), a member who served the public schools in a capacity that subsequently was designated by the state as a service for which a license is specified, is eligible to receive service credit for the total length of that service.
(b) A member whose service was recognized as creditable on March 11, 1953, may receive for prior uncredited years served in the same capacity service credit that is not more than the minimum number of years required for a retirement benefit.
(c) If a person presents a claim for prior service in the form established by the board, the board shall issue to the person a certificate of the amount of prior service allowed by the board.
(d) A member may waive the member's rights to prior service, only if the waiver is made at the time of transfer to the fund.
(e) A member shall retain all service credit earned under the law before July 1, 1975.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-3.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-5. Private Teaching Service

Sec. 5. (a) As used in this section, "private teaching service" means service in Indiana as a teacher in a private school, kindergarten through postsecondary, that would be creditable service if performed in an accredited public school in Indiana.
(b) A member may purchase and claim private teaching service credit subject to the following:
(1) The member must have at least one (1) year of credited service in the fund.
(2) The member must have at least ten (10) years of in-state credited service before the member may claim the service credit.
(3) Before the member retires, the member must make contributions to the fund:
(A) that are equal to the product of:
(i) the member's salary at the time the member actually makes a contribution for the service credit;
(ii) a percentage rate, as determined by the actuary of the fund, based on the age of the member at the time the member makes a contribution for service credit and computed to result in a contribution amount that approximates the actuarial present value of the benefit attributable to the service credit purchased; and
(iii) the number of years of private teaching service the member intends to purchase; and
(B) for any accrued interest, at a rate determined by the actuary of the fund, for the period from the member's initial membership in the fund to the date payment is made by the member.
(4) The fund must receive verification from the private school that the private teaching service occurred.
(c) Service for years of private teaching that qualify a member for retirement in an out-of-state system, a private retirement system, or a federal retirement system may not be granted under this section.
(d) A member who:
(1) terminates employment before satisfying the eligibility requirements necessary to receive a monthly allowance; or
(2) receives a monthly allowance for the same service from another tax supported public employee retirement plan other than under the federal Social Security Act;
may withdraw the personal contributions made under the contributory plan plus accumulated interest after submitting to the fund a properly completed application for a refund.
(e) The following apply to the purchase of service credit under this section:
(1) The board may allow a member to make periodic payments of the contributions required for the purchase of the service credit. The board shall determine the length of the period during which the payments must be made.
(2) The board may deny an application for the purchase of service credit if the purchase would exceed the limitations under Section 415 of the Internal Revenue Code.
(3) A member may not claim the service credit for purposes of determining eligibility or computing benefits unless the member has made all payments required for the purchase of the service credit.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-4.6.]
As added by P.L.2-2006, SEC.28. Amended by P.L.8-2015, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-6. Substitute Teaching Service

Sec. 6. (a) As used in this section, "substitute teaching service" means service in Indiana as a substitute teacher that is not covered under section 1(c) of this chapter but is served by a person who has other service that is covered under section 1(a) of this chapter.
(b) A member may purchase and claim substitute teaching service if:
(1) the member has at least one (1) year of creditable service in the fund;
(2) before the member retires, the member makes contributions to the fund:
(A) that are equal to the product of:
(i) the member's salary at the time the member actually makes a contribution for the service credit;
(ii) a percentage rate, as determined by the actuary of the fund, based on the age of the member at the time the member makes a contribution for service credit and computed to result in a contribution amount that approximates the actuarial present value of the benefit attributable to the service credit purchased; and
(iii) the number of years of substitute teaching service the member intends to purchase; and
(B) for any accrued interest, at a rate determined by the actuary of the fund, for the period from the member's initial membership in the fund to the date payment is made by the member; and
(3) the fund receives verification from the school corporation that the substitute teaching service occurred.
(c) Service for years of substitute teaching that qualify a member for retirement in an out-of-state system or in a federal retirement system may not be granted under this section.
(d) A member who:
(1) terminates employment before satisfying the eligibility requirements necessary to receive a monthly allowance; or
(2) receives a monthly allowance for the same service from another tax supported public employee retirement plan other than under the federal Social Security Act;
may withdraw the personal contributions made under the contributory plan plus accumulated interest after submitting to the fund a properly completed application for a refund.
(e) The following apply to the purchase of service credit under this section:
(1) The board may allow a member to make periodic payments of the contributions required for the purchase of the service credit. The board shall determine the length of the period during which the payments must be made.
(2) The board may deny an application for the purchase of service credit if the purchase would exceed the limitations under Section 415 of the Internal Revenue Code.
(3) A member may not claim the service credit for purposes of determining eligibility or computing benefits unless the member has made all payments required for the purchase of the service credit.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-4.7.]
As added by P.L.2-2006, SEC.28. Amended by P.L.8-2015, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-7. Leaves of Absence

Sec. 7. (a) Except as provided in section 8 of this chapter, a member may be given credit for leaves of absence for study, professional improvement, and temporary disability if the leave credit does not exceed one-seventh (1/7) of the total years of service claimed for retirement (referred to as the one-seventh rule). A member granted a leave in these instances for exchange teaching and for other educational employment approved individually by the board is considered a teacher and is entitled to the benefits of the fund if for or during the leave the member pays into the fund the member's contributions. A leave for other educational employment is not subject to the one-seventh rule.
(b) In each case of a teacher requesting a leave of absence to work in a federally supported educational project, the board must determine that the project is educational in nature and serves state citizens who might otherwise be served by the public schools or state educational institutions. The board shall make this determination for a one (1) year period, which is later subject to review and reapproval.
(c) Subject to this chapter, leaves of absence specified in IC 20-28-10-1, IC 20-28-10-2, IC 20-28-10-3, or IC 20-28-10-4 and adoption leave of not more than one (1) year must be credited to retirement.
(d) Notwithstanding any law, this section must be administered in a manner consistent with the federal Family and Medical Leave Act of 1993 (29 U.S.C. 2601 et seq.). A member on a leave of absence that qualifies for the benefits and protections afforded by the Family and Medical Leave Act is entitled to receive credit for vesting and eligibility purposes to the extent required by the Family and Medical Leave Act but is not entitled to receive credit for service for benefit purposes unless the leave is described in subsection (a), (b), or (c).
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-5.]
As added by P.L.2-2006, SEC.28. Amended by P.L.2-2007, SEC.96.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-9. Computation of State Liability

Sec. 9. The board shall determine the actuarial liability resulting from the years of service of the members in the fund and shall determine the state's share of the liability. The board shall distribute the payment of this liability over a period of years that will be equitable to the state and the fund, not to exceed thirty (30) years.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-7.]
As added by P.L.2-2006, SEC.28. Amended by P.L.111-2015, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-10. Designation of Beneficiary; Allocation of Benefits

Sec. 10. (a) The director shall obtain a designation of beneficiary as soon as possible from each member.
(b) The board may adopt rules to allow a member who designates more than one (1) beneficiary to allocate benefit shares in percentage increments.
(c) Notwithstanding a contrary collateral agreement, court order, process, attachment, or levy, the right to receive a death benefit under IC 5-10.2 or this article vests with the designated beneficiary on file with the fund at the time of the member's death. The fund shall distribute the death benefit to the designated beneficiary or the designated beneficiary's estate in accordance with IC 5-10.2 and this article.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-8.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.16; P.L.99-2010, SEC.7.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-11. Member Contributions to Fund

Sec. 11. (a) This section does not apply to a member who is reemployed more than thirty (30) days after the member's retirement in a position covered by the fund.
(b) Each member shall contribute to the fund three percent (3%) of the member's compensation as set forth in IC 5-10.2-3. However, the member's employer may pay the contribution on behalf of the member.
(c) If a member's employer elects to pay the members' contributions for its employees, the employer must initiate the payments as part of salary and fringe benefit adjustments provided to these employees.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-9.]
As added by P.L.2-2006, SEC.28. Amended by P.L.72-2007, SEC.8; P.L.76-2008, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-13. Withdrawal Provisions

Sec. 13. A member who suspends membership is subject to the withdrawal provisions of IC 5-10.2-3.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-11.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 4. Fund Membership; Employee Contributions; Creditable Service; Purchase of Service; Fund Withdrawal › 5-10.4-4-14. Service Not Related to Governmental Unit; Contribution of Employer Share

Sec. 14. (a) After December 31, 1994, creditable service does not accrue under:
(1) this chapter;
(2) IC 5-10.2-3-1;
(3) IC 20-28-10-1;
(4) IC 20-28-10-2;
(5) IC 20-28-10-3; or
(6) any other law concerning the fund for leave for other educational employment;
unless the creditable service is directly related to a governmental unit under Section 414(d) of the Internal Revenue Code (as defined in IC 5-10.2-1-3.5).
(b) After June 30, 1995, for members receiving credit for leave for other educational employment under section 7 of this chapter or subsection (a), the board shall assess an actuarially determined employer share amount against the appropriate entity to be paid to the state general fund.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-4-13.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-0.2. Application of Certain Amendments to Chapter

Sec. 0.2. The amendments made to IC 21-6.1-5-9 (before its repeal, now codified at section 9 of this chapter) by P.L.190-2003 apply to retirement benefits payable by the Indiana state teachers' retirement fund after June 30, 2003.
As added by P.L.220-2011, SEC.90.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-0.3. Validation of Certain Actions Taken by Public Schools

Sec. 0.3. Actions taken by the public schools after December 31, 1986, and before March 5, 1988, that would have been valid under IC 21-6.1-5-6 (before its repeal), as amended by P.L.46-1988, are validated.
As added by P.L.220-2011, SEC.91.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-1. Disability Benefit

Sec. 1. (a) A member who becomes disabled after June 30, 1984, may receive a benefit under this section and sections 2 through 4 of this chapter. If the member qualifies for disability retirement under IC 5-10.2-4-6, the member may choose to receive a benefit under IC 5-10.2-4-6 instead of under this section and sections 2 through 4 of this chapter.
(b) A member who:
(1) is an active teacher;
(2) has earned at least five (5) service credits; and
(3) suffers a temporary or permanent disability that continues for at least six (6) months;
may receive a classroom disability benefit for as long as the disability exists.
(c) Except as provided in subsection (d), a teacher must apply not later than one (1) year after the date of the disability to receive a classroom disability benefit under this chapter.
(d) The board may waive the requirement described in subsection (c) if the board finds extenuating circumstances that justifiably prevented the person from applying within the time required. The board shall adopt rules specifying the extenuating circumstances that must be shown before a waiver may be granted under this subsection.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-1.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-2. Calculation of Disability Benefit

Sec. 2. (a) The monthly classroom disability benefit paid under section 1 of this chapter is determined in STEP THREE of the following formula:
STEP ONE: Subtract five (5) from the total years of service credit earned by the member before the date of the member's disability.
STEP TWO: Multiply the remainder determined under STEP ONE by five dollars ($5).
STEP THREE: Add the STEP TWO result and one hundred twenty-five dollars ($125).
(b) A classroom disability benefit payment is charged against the retirement allowance account.
(c) Classroom disability benefits may not begin until ordered by the board after the member undergoes a medical examination by a physician selected by the board. If the medical examination conducted by a physician selected and paid by the board establishes to the board's satisfaction that the disability no longer exists, the member may not receive a classroom disability benefit.
(d) If a member on a classroom disability benefit refuses to submit at least annually to a medical examination by a physician selected by the board, the board shall discontinue the member's benefits until the member withdraws the refusal. If the refusal continues for at least one (1) year, the member may forfeit the right to receive classroom disability benefits.
(e) To the extent required by the federal Americans with Disabilities Act, the transcripts, reports, records, and other material compiled to determine the existence of a disability shall be:
(1) kept in separate medical files for each member; and
(2) treated as confidential medical records.
(f) This section shall be administered in a manner that is consistent with the federal Americans with Disabilities Act, to the extent required by the Act.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-2.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-3. Deduction From Death Benefits

Sec. 3. (a) If a member dies while on a classroom disability benefit, the member's total classroom disability benefit payments are deducted from the funds that are paid to the member's estate or designated beneficiary.
(b) If a member stops receiving a classroom disability benefit, returns to teaching, and dies before retirement, the member's total classroom disability benefit payments are deducted from any death benefit payable to the member's estate or designated beneficiary.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-4.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-4. Election to Terminate Disability Benefit at Retirement Age

Sec. 4. After reaching sixty-five (65) years of age or an earlier retirement date selected by the member, the member may request that the member's classroom disability benefit payments cease and the member's retirement benefits begin. A member's retirement benefits may not be reduced because the member received classroom disability benefits.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-5.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-5. Prohibition Against Mandatory Retirement Age

Sec. 5. The state or a school corporation may not enforce a mandatory retirement age against members employed in the public schools.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-6.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-6. Eligibility for Retirement Benefits

Sec. 6. A member is eligible for retirement benefits as specified in IC 5-10.2-4.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-7.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-7. Member-Legislators

Sec. 7. (a) As used in this section, "member-legislator" means a member who has at least:
(1) twenty (20) years of service credit as a teacher; and
(2) ten (10) years of service in the general assembly.
(b) Notwithstanding IC 5-10.2-4-3 or IC 5-10.2-4-3.1, in computing the pension for a member-legislator, the average of the annual compensation is the sum of the salaries in any one (1) year for a member-legislator's:
(1) position covered by the fund; and
(2) service in the general assembly.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-7.5.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-8. Designation of Retirement Date

Sec. 8. (a) A member who:
(1) has ceased employment in the public schools; and
(2) is eligible for retirement benefits;
shall designate a retirement date as described in IC 5-10.2-4-1.
(b) A member who chooses to begin receiving retirement benefits at the time the member ceases employment is entitled to receive the proportionate amount of the member's monthly benefit for the month in which the cessation occurred.
(c) Annually the board may require a member to execute an affidavit stating the member's eligibility for a retirement benefit.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-8.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-9. Schedule; Initial Pension Benefit

Sec. 9. (a) The fund shall make a member's first pension benefit payment not more than ninety (90) days after the date the member completes and files an application for retirement benefits.
(b) After the first pension benefit payment and except as provided under IC 5-10.2-4-7(f), a person entitled to benefits shall receive a retirement benefit payment by the tenth day of each month.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-9.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.17.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-10. Cancellation of Uncashed Benefit Check

Sec. 10. (a) If a benefit check issued by the fund is outstanding and unpaid for more than six (6) months after the date the check is issued, the benefit check is canceled.
(b) A benefit check canceled under subsection (a) may not be honored, cashed, or accepted for payment or deposit by an individual, a bank, a trust company, a savings association, or any other financial institution or person.
(c) The cancellation of a benefit check under this section does not discharge the fund's obligation to pay the benefit for which the canceled benefit check was issued.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-9.5.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-11. Payment Options

Sec. 11. A member may have the member's retirement benefits paid under the options specified in IC 5-10.2-4-7.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-13.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-12. Death Before Retirement; Payment of Benefits

Sec. 12. If a member dies before retirement, the member's benefits are paid as specified in IC 5-10.2-3-7.5, IC 5-10.2-3-7.6, and IC 5-10.2-3-8.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-14.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-13. Calculation of Benefit; Teaching After Initial Retirement

Sec. 13. IC 5-10.2-4-8 applies to the reemployment of a retired member.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-16.]
As added by P.L.2-2006, SEC.28. Amended by P.L.72-2007, SEC.9; P.L.76-2008, SEC.6; P.L.115-2009, SEC.18.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-14. Benefits Exempted From Legal Process; Reimbursement of Employers; Withholding of Payments While Charges of Criminal Taking From Employer Pending

Sec. 14. (a) The benefits payable from the fund are exempt from seizure or levy on attachment, supplemental process, and all other processes. However, the member's contributions or benefits, or both, may be transferred by the board to reimburse the member's employer for loss resulting from the member's criminal taking of the employer's property if the board receives adequate proof of the loss. The loss resulting from the member's criminal taking of the member's employer's property must be proven by an order for restitution in favor of the employer issued by the sentencing court following a felony or misdemeanor conviction.
(b) The board may withhold payment of a member's contributions and interest if the employer of the member notifies the board that felony or misdemeanor charges accusing the member of the criminal taking of the employer's property have been filed.
(c) The board may withhold payment of a member's contributions and interest under subsection (b) until the final resolution of the criminal charges.
(d) Subsections (b) and (c) do not apply to the:
(1) pension portion of the member's retirement benefit; or
(2) disability retirement benefit of a member who becomes disabled.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-17.]
As added by P.L.2-2006, SEC.28. Amended by P.L.15-2013, SEC.4; P.L.203-2019, SEC.2.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-14.5. Assignment of Benefits

Sec. 14.5. A member's transfer of a benefit payment is void. However, a member may assign benefits for paying:
(1) premiums on a group, life, hospitalization, surgical, or medical insurance plan maintained in whole or in part by a state agency; and
(2) dues to any association that proves to the board's satisfaction that the association has as members at least twenty percent (20%) of the number of retired members of the fund.
As added by P.L.15-2013, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-15. Termination of Benefits; Grounds; Limitations

Sec. 15. (a) The board may stop a member's benefit if the member does any of the following while receiving the benefit:
(1) Fails to report for a required examination, unless excused by the board.
(2) Disobeys the requirements of the board regarding the examination.
(3) Refuses to repay an overpayment of benefits.
(b) The board may stop a survivor's or beneficiary's benefit if the survivor or beneficiary refuses to repay an overpayment of benefits while receiving the benefit or overpayment of benefits made to the member.
(c) The board also may stop a member's, survivor's, or beneficiary's benefit if the board has reasonable cause to believe that:
(1) the member, survivor, or beneficiary has died; or
(2) in the case of a member receiving disability benefits under IC 5-10.2-4-6 or classroom disability benefits under section 1 of this chapter, the member no longer has a disability.
(d) Except as provided in subsection (e), if an overpayment under this section occurs, the board may not require a member, survivor, or beneficiary to pay more than twenty-five percent (25%) of their monthly benefit toward the overpayment.
(e) If the overpayment described in subsection (a):
(1) began before July 1, 2015; and
(2) was caused by no fault of the member, survivor, or beneficiary;
the board may only require a member, survivor, or beneficiary to pay the amount of the overpayment of benefits received during the six (6) years before the date that the Indiana public retirement system discovers the overpayment and attempts to notify the member, survivor, or beneficiary of the overpayment. If an overpayment subject to this subsection occurs, the board may not require a member, survivor, or beneficiary to pay more than ten percent (10%) of their monthly benefit toward the overpayment. The board may not use any method to collect an overpayment of benefits under this subsection other than those specified in this section.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-18.]
As added by P.L.2-2006, SEC.28. Amended by P.L.99-2007, SEC.18; P.L.92-2021, SEC.11.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-16. Retirement Before July 1, 1975; Limitations on Reductions in Benefits

Sec. 16. The computation of benefits described in section 2 of this chapter applies to benefits payable on and after July 1, 1975, and includes benefits payable to members who retired or whose employment was terminated before that date. However, a member's benefits may not be reduced below the amount paid to the member before July 1, 1975. The benefits for a member who retired before January 1, 1956, shall be computed by multiplying fifteen dollars ($15) by the member's years of service and then actuarially adjusting the product obtained to take into account a member's early retirement and the retirement option selected by a member using the factors in effect on July 1, 1975.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-5-19(b).]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 5. Benefits › 5-10.4-5-17. Claims of Error

Sec. 17. A member may petition the board to correct an error in the determination of the member's:
(1) creditable service; or
(2) benefit;
at any time. The petition must contain the necessary information to sustain the member's claim of error. The board shall investigate the claim and, if an error is found, shall order the member's records corrected. If no error is found and the member petitioned the board to correct the error within six (6) years after the determination of the member's creditable service or benefit, the member may appeal the board's decision under IC 4-21.5.
As added by P.L.99-2010, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-1. Members Retired on July 1, 1967; Additional Monthly Benefit

Sec. 1. (a) In addition to any other benefit received from the fund, a person who, on July 1, 1967:
(1) received a retirement benefit from the fund; and
(2) did not receive a benefit under the federal Social Security Act;
shall receive thirty-five dollars ($35) per month.
(b) There is annually appropriated to the fund from money not otherwise appropriated in the state general fund an amount sufficient to pay the benefit described in subsection (a).
[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-1.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-2. Members Retired Under Law Enacted Before January 1, 1949; Increased Benefit

Sec. 2. (a) After July 9, 1949, a member receiving a retirement benefit under Acts 1915, c.182, or any statute amendatory of or supplemental to it enacted before January 1, 1949, is eligible, subject to Acts 1949, c.130, s.2(j), to receive a retirement benefit approximately equal to the state's proportionate share of a retirement benefit provided by Acts 1949, c.130 for up to thirty (30) years of service. These members shall make written application for these benefits to the board at any time. Applications must be based on the service record established in the office of the fund on April 1, 1949. Except as provided under IC 5-10.2-4-7(f), this retirement benefit must begin on the tenth of the month following acknowledgment of the application.
(b) The board shall establish, with the advice of the fund's actuary, a simplified table for computing the increases under this section for the years of service. The board may provide by resolution for participation by the members receiving benefits under this section in the additional annuity fund.
(c) Within a reasonable time, the board shall issue to each member of the fund a service certificate that includes the following:
(1) The member's name.
(2) The member's last known address.
(3) The member's account number.
(4) The law under which the member is participating in the fund.
(5) The contribution due from the member.
(6) A certification of the total years of creditable service that the member has as of a date fixed by the board.
(d) The service certificate described in subsection (c) is final and conclusive regarding service in the fund. However, a member may, not later than one (1) year from the issuance or notification of the certificate, request that the board modify the member's service certificate.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-2.]
As added by P.L.2-2006, SEC.28. Amended by P.L.115-2009, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-3. Members Retired Under Law Enacted Before January 1, 1951; Increased Benefit

Sec. 3. (a) After July 9, 1951, a member receiving or entitled to receive a retirement benefit that accrued before July 11, 1951, under Acts 1915, c.182, or any statute amendatory of or supplemental to Acts 1915, c.182 enacted before January 1, 1951, is eligible to receive an increase in benefit. This benefit must be, when adjusted by the board to Acts 1951, c.142, s.2 (j), the equivalent of the retirement benefit for which the member would be eligible if the teacher had retired as a member of the fund under Acts 1951, c.142 with the beginning age, years of teaching and equivalent service, and payments made by the member at retirement.
(b) A member who has completed at least twenty (20) years of service is eligible to receive a retirement benefit from state sources of not less than four hundred twenty dollars ($420) a year.
(c) There is appropriated annually to the fund from the state general fund, in addition to other appropriations for the fund, an amount sufficient to pay the retirement benefits specified in this section.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-3.]
As added by P.L.2-2006, SEC.28.
2023 Indiana Code › Title 5. State and Local Administration › Article 10.4. State Teachers' Retirement Fund › Chapter 6. Restricted Benefits › 5-10.4-6-4. Minimum Pension Benefit After July 1, 2017; Appropriation

Sec. 4. (a) Beginning July 1, 1965, a person who receives a retirement benefit shall receive from the fund an amount that when added to the person's pension benefit derived from state sources and the person's Social Security benefit earned as a teacher equals at least one hundred seventeen dollars and fifty cents ($117.50) per month for a person with thirty (30) years of creditable service. The amount of the benefit must be adjusted actuarially for more or fewer years of service.
(b) Beginning July 1, 2017, the minimum pension benefit paid to a regularly retired member receiving an unreduced pension benefit is one hundred eighty-five dollars ($185) per month regardless of amounts paid to the member from Social Security or other state sources of retirement income or assistance.
(c) There is annually appropriated to the fund from money not otherwise appropriated in the state general fund an amount sufficient to pay the benefits described in this section.
[Pre-2006 Education Finance Recodification Citation: 21-6.1-6-4.]
As added by P.L.2-2006, SEC.28. Amended by P.L.40-2017, SEC.15.