§ 5-10.3-8-13 — Public employees' retirement fund benefits; cost of living increase

Indiana § 5-10.3-8-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.3: THE PUBLIC EMPLOYEES' RETIREMENT
• Ch. 8: Benefits

Text

(a) The pension portion (plus postretirement
increases to the pension portion) provided by employer contributions
of the monthly benefit payable to a member of the fund (or to a
survivor or beneficiary of a member of the fund) shall be increased
beginning on January 1, 2003, by the lesser of:
(1) two percent (2%); or
(2) the annual cost of living adjustment computed under 42
U.S.C. 415 and published in the Federal Register in accordance
with 42 U.S.C. 215(i)(2)(D).
(b) The increase described in subsection (a) is payable to a member
of the fund (or to a survivor or beneficiary of a member of the fund)
who has been retired or disabled for at least one (1) year on January 1,
2003.

Legislative History

As added by P.L.191-2002, SEC.2.