(a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2008, 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, 2008, shall be increased by:(1) two percent (2%) for members who retired after December 31, 1999; and(2) two and one-half (2.5%) percent for members who retired before January 1, 2000.(b) In addition to any other cost of living increase provided under this chapter, the pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2008, 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 is a retired member of the fund with at least ten (10) years of creditable service may not be less than one hundred eighty dollars ($180).(c) Subsection (b) does not apply to a member of the public employees' retirement fund (or to a survivor or beneficiary rs of creditable service may not be less than one hundred eighty dollars ($180).(c) Subsection (b) does not apply to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) whose creditable service was earned only as an elected official.(d) The increases specified in this section:(1) are based on 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.As added by P.L.12-2008, SEC.1.
Indiana Legal Code