Section 5-10.2-5-1 - Transitional benefits, 1955(a) A member who was an employee of the state or political subdivision on April 1, 1955, and who was a member of the public employees' retirement fund or the Indiana state teachers' retirement fund, before April 1, 1955, is entitled to a normal retirement benefit which, when added to the primary social security benefit to which he may become entitled under the Social Security Act, is greater than or equal to the normal retirement benefit to which he would have been entitled under the retirement fund law in effect before April 1, 1955.(b) This section does not abridge, diminish, or cancel any rights, privileges, or benefits provided to these members under laws in effect before April 1, 1955.(c) If a member of the retirement fund of the state board of accounts:(1) was a member of that fund on April 1, 1955; and(2) dies, retires, or qualifies for disability retirement before April 2, 1970; the member or his surviving spouse may choose to receive, instead of the benefits of this article, the annuity survivor or disability benefits under the retirement fund law in effect on March 31, 1955. The benefit paid shall be reduced by any payments under the federal Social Security Act. In addition, the member may receive any annuity payments provided by additional annuity contributions.
(d) If a member has earnings recorded under the Social Security Act from employment with more than one (1) employer, the amount of his primary social security benefit shall be computed by applying to his total primary social security benefit the percentage which his earnings recorded for service covered by IC 5-10.1 constitute of his total earnings recorded under the Social Security Act. The social security benefit determined is considered payable even if the member fails to apply for the benefit or loses all or part of it by delaying to apply for it or by engaging in covered employment or for any other reason.(e) The benefit to which the member would have been entitled under the retirement fund law in effect before April 1, 1955, shall be computed either:(1) on the assumption that contributions were made as required by the retirement fund law on and after the date the member became subject to the Social Security Act; or(2) on the basis of his contributions actually made to the fund on and after April 1, 1955, and to the contribution fund established in IC 5-10.1 by January 1, 1987; whichever of subdivision (1) or (2) is larger.
(f) The normal retirement benefit for retirement at any age under retirement fund laws in effect before April 1, 1955, and for retirement on or after age sixty-five (65) under this article is the retirement benefit payable for life without special election. For retirement before age sixty-five (65) after April 1, 1955, it is the retirement benefit payable under the option which integrates with the social security benefit at the youngest age of eligibility for the social security benefit to provide a uniform total benefit.(g) The employer responsible for the employer contribution for a member who is retiring shall make any contributions required to carry out this section.As added by Acts1977 , P.L. 53, SEC.2. Amended by P.L. 57-1987, SEC.4.