§ 5-10.2-5-33 — Public employees' retirement fund; pension increases payable after December 31, 2003

Indiana § 5-10.2-5-33

• 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 December 31, 2003, to a member
of the public employees' retirement fund (or to a survivor or beneficiary
of a member of the public employees' retirement fund) who retired or
was disabled before January 1, 2003, shall be increased by two percent
(2%).
(b) The monthly amount of the increase described in subsection (a)
payable to a member of the public employees' retirement fund (or to a
survivor or beneficiary of a member of the public employees'
retirement fund) may not be less than five dollars ($5).
(c) 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.190-2003, SEC.3.