(a) The pension portion (plus postretirement increases to the pension portion), provided by employer contributions, of the monthly benefit payable after June 30, 1988, to a member, or a survivor or beneficiary of a member, who retired or was disabled:(1) before July 2, 1970, shall be increased by three percent (3%);(2) after July 1, 1970, and before July 2, 1976, shall be increased by two percent (2%); and(3) after July 1, 1976, and before July 2, 1981, shall be increased by one percent (1%).(b) In addition to the increase specified in subsection (a), the pension portion (plus postretirement increases to the pension portion), provided by employer contribution, of the monthly benefit payable after June 30, 1988, to a member, or a survivor or beneficiary of a member, who retired or was disabled before July 2, 1986, shall be increased by one percent (1%).(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.(d) This subsection does not apply to a person described in IC 5-10.4-6-7. disability;(2) do not apply to benefits payable in a lump sum; and(3) are in addition to any other increase provided by law.(d) This subsection does not apply to a person described in IC 5-10.4-6-7. For the period beginning July 1, 1988, through June 30, 1989, the costs of the postretirement increases provided by this section for members of the Indiana state teachers' retirement fund shall be charged to the retired teacher annuity reserve.As added by P.L.45-1988, SEC.2. Amended by P.L.2-2006, SEC.27.
Indiana Legal Code