Effective 7-1-2025.Sec. 8. (a) The board shall set the surcharge rates under IC 5-10.2-12-3 at a level to actuarially prefund:(1) annual indexed thirteenth checks for all current retired members and beneficiaries retired before July 1, 2025; and(2) one percent (1%) annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2025.(b) The board shall not reduce the surcharge rates under IC 5-10.2-12-3 from the prior year.(c) The board may increase the surcharge rates under IC 5-10.2-12-3 by not more than one-tenth percent (0.1%) of payroll from the prior year.(d) This section expires December 31, 2029.As added by P.L.129-2024, SEC.5.
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