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MAY 8, 2009
Cost of Living Adjustment (COLA) for Indiana’s
Retired Teachers Signed by Governor Daniels
INDIANAPOLIS – The President of the Indiana Retired
Teachers Association (IRTA), Eugene Wease, announced
that House Bill 1498, which will provide a cost of
living adjustment (COLA) for Indiana’s retired
teachers, was signed into law by Governor Daniels.
“In the current economic climate, we are grateful to
have received a COLA and we are grateful for the
Governor’s signature,” Wease said.
Under H.B.
1498, the one time payment, to be received before
October 1, 2009, will be as follows: If a member’s
creditable service is at least 30 years the amount
of the check is $450. Those with at least 20 years
but less than 30 years will receive $375. Those
with at least 10 years but less than 20 years will
receive $275. Those with at least 5 years but less
than 10 years, and only if the member is
receiving
disability retirement benefits,
will receive $150.
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