Sec. 1.5. (a) A fund may calculate and pay an estimated retirement benefit of the pension portion to a member if:
(1) the member has applied for a retirement benefit and has chosen a retirement date on which the retirement benefit is to begin;
(2) the member's membership records are incomplete or have not been certified; and
(3) the member's membership records that have been submitted to the fund establish that the member is entitled to a retirement benefit.
(b) After June 30, 2009, if a fund calculates and pays an estimated benefit under this section, the estimated benefit must be at least eighty-five percent (85%) of the pension portion of the benefit determined under the fund's records on service and compensation information.
(c) If an estimated benefit is paid to a member under this section, the fund shall, after all membership records have been submitted to the fund and certified, determine the actual retirement benefit to which the member is entitled. After determining the actual retirement benefit to which the member is entitled, the fund shall temporarily adjust the actual retirement benefit that is paid to the member to reconcile any underpayment or overpayment of benefits to the member that resulted from the payment of estimated benefits. The fund may make the temporary adjustment to the member's actual retirement benefit over a reasonable time, as determined by the board.
As added by P.L.195-1999, SEC.14. Amended by P.L.115-2009, SEC.5.