Section 35 IAC 14-7-12 - Social Security integration; benefit calculationAuthority: IC 5-10.2-3-6; IC 5-10.5-4-2
Affected: IC 5-10.2-4
Sec. 12.
(a) Pursuant to IC 5-10.2-4-7(b)(3), a member who retires between fifty (50) years of age and sixty-two (62) years of age may integrate the member's monthly pension benefit with the member's estimated Social Security benefits. This option increases the monthly pension benefit amount for which the member would ordinarily be eligible from the date of retirement until sixty-two (62) years of age. When the member reaches sixty-two (62) years of age, the member's monthly pension benefit will be reduced. Depending upon the factors used in the calculation, the member's monthly pension benefit may be reduced to zero (0). Such reduction will occur whether or not the member applies for Social Security Administration benefits.(b) To receive an estimate of the member's monthly pension benefit with Social Security integration, the member shall obtain an estimate of Social Security benefits to be received at sixty-two (62) years of age from the Social Security Administration and provide the estimate to TRF.(c) For retirement benefits payable on or after January 1, 2010, a member's pre-sixty-two (62) monthly pension benefit with Social Security integration shall be computed as follows: (1) Multiply the member's Social Security estimate for benefits to be received at sixty-two (62) years of age and actuarial factors established by TRF's actuary, and obtain a product.(2) Add the amount of the member's pension as calculated in IC 5-10.2-4-4 and IC 5-10.2-4-5 to the product obtained in subdivision (1).(d) For retirement benefits payable on or after January 1, 2010, a member's monthly pension benefit with Social Security integration at sixty-two (62) years of age shall be computed as follows:(1) Multiply the member's Social Security estimate for benefits to be received at sixty-two (62) years of age and actuarial factors established by TRF's actuary, and obtain a product.(2) Subtract the product obtained in subdivision (1) from the member's pre-sixty-two (62) monthly pension benefit with Social Security integration as calculated in subsection (c).(e) The amount of the member's Social Security benefits shall not be affected by the member's election of Social Security integration.Board of Trustees of the Indiana Public Retirement System; 35 IAC 14-7-12; adopted Nov 19, 2010: 20101208-IR-550100723ONATransferred from the Board of Trustees of the Indiana State Teachers' Retirement Fund ( 550 IAC 2-7-10) to the Board of Trustees of the Indiana Public Retirement System ( 35 IAC 14-7-12) by P.L. 23-2011, SECTION 22, effective July 1, 2011.