§ 5-10.2-5-24 — Pension increases payable after June 30, 1996

Indiana § 5-10.2-5-24

• 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, 1996, 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) before July 2, 1981, shall be increased by three and one-tenth
percent (3.1%); and
(2) after July 1, 1981, and before July 2, 1993, shall be increased
by one and one-half percent (1.5%).
(b) This subsection applies only to an increase payable to a member
of the Indiana state 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, 1996, and before July 1, 1997, shall be
paid from the employer reserve fund for the Indiana state teachers'
retirement fund. After June 30, 1997, 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.68-1995, SEC.2.