IN HB1356

Grants up to six years of service credit in the Teachers' Retirement Fund (TRF) for members who served on active duty in the U.S. armed forces, received an honorable discharge, have at least 10 years of in-state teaching service, and are not entitled to a military pension or other military service credit

Establishes a minimum pension of $500 per month for the pension portion of benefits payable to TRF members (or their survivors/beneficiaries) who retired before January 1, 1979, and have at least 20 years of creditable service

The military service credit provision takes effect July 1, 2011, and applies to members regardless of whether they retired before or after that date

The minimum pension provision takes effect January 1, 2012, and applies to monthly benefits paid after December 31, 2011

The minimum pension increase applies in addition to any other cost of living increases and does not apply to lump sum benefit payments