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.
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