§ 5-10-5.5-21 — Increase in monthly benefits

Indiana § 5-10-5.5-21

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10: PUBLIC EMPLOYEE BENEFITS
• Ch. 5.5: State Excise Police, Gaming Agent, Gaming Control

Text

(a) Except as provided in subsection (d), the
monthly benefit payable after June 30, 1987, to a participant, or a
survivor or beneficiary of a participant, who retired or was disabled
before July 2, 1986, shall be increased by an amount determined by the
board. The board shall determine the amount for each participant,
survivor, and beneficiary so that the monthly benefit is increased by
one-half (1/2) the amount that the monthly benefit would have been
increased if the participant had been a member of the public employees'
retirement fund on the date of retirement or disability.
(b) Except as provided in subsection (d), the monthly benefit
payable after June 30, 1988, to a participant, or a survivor or
beneficiary of a participant, who retired or was disabled before July 2,
1987, shall be increased by an amount determined by the board. The
board shall determine the amount for each participant, survivor, and
beneficiary so that the monthly benefit is increased to the amount that
the monthly benefit would have equaled if the participant had been a
member of the public employees' retirement fund on the date of
retirement or disability.
(c) Except as provided in subsection (d), the monthly benefit
payable after June 30, 1989, to participants, survivors, and
beneficiaries shall be increased by the same percentages and under the
same conditions as monthly benefits are increased under IC 5-10.2-5
for members of the public employees' retirement fund and their
survivors and beneficiaries.
(d) This section is applicable only if the general assembly provides
sufficient funding for the increased cost of the benefits provided by this
section.

Legislative History

As added by P.L.56-1987, SEC.6. Amended by P.L.4-1990, SEC.4.