§ 5-10.2-5-22 — Increases after June 30, 1994

Indiana § 5-10.2-5-22

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.2: PUBLIC RETIREMENT AND DISABILITY
• Ch. 5: Restricted Benefits

Text

(a) The pension portion (plus postretirement
increases to the pension portion) provided by employer contributions
of the monthly benefit payable after June 30, 1994, to a member of the
public employees' retirement fund or the Indiana state teachers'
retirement fund or a survivor or beneficiary of a member of the public
employees' retirement fund or the Indiana state teachers' retirement
fund who retired or was disabled:
(1) after July 1, 1987, and before July 2, 1992, shall be increased
by one percent (1%);
(2) after July 1, 1984, and before July 2, 1987, shall be increased
by two percent (2%); and
(3) before July 2, 1984, shall be increased by three percent (3%).
(b) This subsection applies only to an increase payable to a member
of the Indiana teachers' retirement fund. The cost difference between
the monthly benefit payable before the increase required by this section
and the monthly benefit payable after the increase required by this
section after June 30, 1994, and before July 1, 1995, shall be paid from
the employer reserve fund for the Indiana state teachers' retirement
fund. After June 30, 1995, the difference shall be paid from the state
general fund.
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latest retirement
or disability;
(2) do not apply to benefits payable in a lump sum; and
(3) are in addition to any other increase provided by law.

Legislative History

As added by P.L.27-1994, SEC.1.