Indiana Code 5-10.2-5-13. Pension increases payable after June 30, 1984
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Sec. 13. (a) The pension portion (plus postretirement increases to the pension portion), provided by employer contributions, of the monthly benefit payable after June 30, 1984, to a member, or a survivor or beneficiary of a member, who retired or was disabled:
(2) after July 1, 1966, and before July 2, 1971, shall be increased by three percent (3%); and
(1) before July 2, 1966, shall be increased by four percent (4%);
Terms Used In Indiana Code 5-10.2-5-13
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Employer: as used in this article means the state for employees of the state and a political subdivision or school corporation for its employees. See Indiana Code 5-10.2-1-3
- Member: as used in this article means a member of the Indiana state teachers' retirement fund or of the public employees' retirement fund. See Indiana Code 5-10.2-1-4
(3) after July 1, 1971, and before July 2, 1981, shall be increased by two percent (2%).
(b) The increases specified in this section:
(1) shall be based upon the date of the member’s initial 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.30-1984, SEC.1.