Senate Bill 442 Summary

• Establishes a minimum monthly pension benefit of $500 for Indiana 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, plus any postretirement increases to that portion.

• Minimum benefit becomes effective for payments made after December 31, 2013.

• Minimum does not apply to lump sum benefit payments and is in addition to all other cost of living increases and legally provided increases.

• Effective date: July 1, 2013.