Indiana Administrative Code Title 550 - BOARD OF TRUSTEES OF THE INDIANA STATE TEACHERS' RETIREMENT FUND
📌 Title 550 – Board of Trustees of the Indiana State Teachers’ Retirement Fund (TRF)
This Title contains all administrative rules that govern the Indiana State Teachers’ Retirement Fund (TRF), which is the pension system for public school teachers and certain other education-related employees in Indiana. The rules are created and managed by the Board of Trustees of TRF, the body that oversees the fund.
🔑 Major Areas Covered in Title 550
1. Organization & Authority
Defines the Board of Trustees: how it is structured, its authority, and responsibilities.
Outlines procedures for rulemaking, hearings, and administration.
Establishes policies for fund management in accordance with state retirement law.
2. Membership Rules
Who qualifies as a member (active teachers, some school employees, administrators).
Conditions for enrollment in the fund.
Rules for part-time, substitute, or charter school teachers.
3. Contributions
Specifies member contributions (deductions from salary).
Employer contributions (school districts, universities, or state).
Interest and crediting rules on contributions.
4. Service Credit
Rules for earning creditable service (based on years of teaching).
Special service credits (military service, out-of-state teaching, leaves of absence).
Purchase of service credit (buying additional years toward retirement).
5. Retirement Benefits
Formula for calculating retirement pension (years of service + final average salary).
Early retirement options and reductions.
Normal retirement eligibility ages and service requirements.
Disability retirement provisions.
6. Refunds & Withdrawals
Rules for members who leave teaching before retirement:
Refund of contributions.
Impact on future eligibility if they rejoin.
7. Beneficiaries & Survivors
Procedures for designating beneficiaries.
Survivor benefits payable to a spouse or dependents if a member dies before or after retirement.
Options for joint & survivor annuities.
8. Administration of Funds
Investment policies and management of the pension trust fund.
Actuarial valuations and audits.
Safeguards to ensure fund solvency and compliance.
9. Disability & Special Benefits
Disability pension eligibility and review.
Provisions for re-evaluations of disabled retirees.
Other special benefits tied to health or supplemental payments.
10. Appeals & Disputes
Procedures for members who dispute benefit calculations, service credits, or eligibility.
Right to appeal to the Board of Trustees and possible judicial review.
🎯 Purpose of Title 550
The main goal of Title 550 is to ensure that Indiana teachers have a stable, secure retirement system, managed fairly and transparently. It balances:
Teachers’ financial security after years of service.
State oversight of public pension funds.
Fair rules for eligibility, contributions, and benefits.
✅ In short:
Indiana Administrative Code Title 550 provides the framework for how the Teachers’ Retirement Fund is managed — covering membership, contributions, service credit, benefits, survivor rights, and fund administration under the Board of Trustees.
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