§ 5-10.2-5-27 — Pension increases payable after June 30, 1999

Indiana § 5-10.2-5-27

• 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, 1999, to a member of the
public employees' retirement fund or the Indiana state teachers'
retirement fund (or to 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, 1990, and before July 2, 1995, shall be increased
by one and one-quarter percent (1.25%);
(2) after July 1, 1980, and before July 2, 1990, shall be increased
by two percent (2%);
(3) after July 1, 1970, and before July 2, 1980, shall be increased
by five percent (5%);
(4) after July 1, 1960, and before July 2, 1970, shall be increased
by seven percent (7%); and
(5) before July 2, 1960, shall be increased by nine percent (9%).
(b) The increases specified in this section:
(1) are 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.228-1999, SEC.1.