§ 5-10.2-5-29 — Minimum purchasing power of pension portion after June 30, 1999

Indiana § 5-10.2-5-29

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

Text

(a) In addition to any other cost of living
provided under this chapter, 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 before July 2, 1960, shall
be increased by the amount necessary to ensure that the purchasing
power (as determined by the PERF or TRF board (as those boards
existed before their dissolution on July 1, 2011), based on changes in
the consumer price index and postretirement increases to the pension
portion) of the member's pension portion is at least equal to fifty
percent (50%) of the purchasing power of the member's pension
portion at the time the member retired, as determined on July 1, 1999.
(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.3. Amended by P.L.35-2012, SEC.46.