Senate Bill 218 Summary

• Establishes a minimum monthly pension benefit of $500 for Indiana State Teachers' Retirement Fund (TRF) members who retired before January 1, 1980, and have at least 20 years of creditable service.

• Minimum applies to the pension portion funded by employer or state contributions, including any post-retirement increases to that portion.

• Minimum benefit becomes effective January 1, 2013, and applies to all payments made after that date.

• Increases are based on the member's latest retirement date and do not apply to lump sum benefit payments.

• Minimum pension is in addition to any other cost of living increases or benefits provided under law.