Sec. 2.6. (a) This subsection applies after September 30, 2014, and before January 1, 2017.The following interest rates shall be used to determine the annuity amount purchasable by a member of the public employees' retirement fund or the teachers' retirement fund who elects to receive, as part of the member's retirement or disability benefit, an annuity provided by the amount credited to the member in the member's annuity savings account:
(1) After September 30, 2014, and before October 1, 2015, five and seventy-five hundredths percent (5.75%).
(2) After September 30, 2015, and before January 1, 2017, the greater of:
(A) the interest rate for similar annuities being purchased in the private market as determined by the board; or
(B) four and one-half percent (4.5%).
(b) This subsection applies after December 31, 2016, whenever the board enters into an agreement with a third party provider to provide annuities for retiring members of the public employees' retirement fund or the teachers' retirement fund. The interest rate used to determine the annuity amount purchasable by a member is equal to the rate for similar annuities being purchased in the private market as recommended by the third party provider.
As added by P.L.177-2014, SEC.5.