Indiana Code 5-10.2-5-16. Pension increases payable after June 30, 1987
(1) before July 2, 1970, shall be increased by three percent (3%);
Terms Used In Indiana Code 5-10.2-5-16
- 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, 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 contributions, of the monthly benefit payable after June 30, 1987, to a member, or a survivor or beneficiary of a member, who retired or was disabled before July 2, 1985, shall, subject to subsection (d), 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 section is applicable only if the general assembly provides sufficient funding for the increased cost of the benefits provided by this section.
As added by P.L.59-1987, SEC.1.