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, 2029; and (2) one percent (1%) annual cost of living adjustments to future in-payment members and beneficiaries retired on or after July 1, 2029. (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, 2031. IC 5-10.5-5 Chapter 5. Investments 5-10.5-5-1 Investment powers, duties, and limitations; penalties 5-10.5-5-2 Transactions subject to Internal Revenue Code qualification requirements
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