Indiana Code 5-10.2-5-27. Pension increases payable after June 30, 1999
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Sec. 27. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after June 30, 1999, to a member of the public employees’ retirement fund or the Indiana state teachers’ retirement fund (or to a survivor or beneficiary of a member of the public employees’ retirement fund or the Indiana state teachers’ retirement fund) who retired or was disabled:
(2) after July 1, 1980, and before July 2, 1990, shall be increased by two percent (2%);
(1) after July 1, 1990, and before July 2, 1995, shall be increased by one and one-quarter percent (1.25%);
Terms Used In Indiana Code 5-10.2-5-27
- 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
- Fund: as used in this article means the Indiana state teachers' retirement fund and the public employees' retirement fund. See Indiana Code 5-10.2-1-2
- 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, 1970, and before July 2, 1980, shall be increased by five percent (5%);
(4) after July 1, 1960, and before July 2, 1970, shall be increased by seven percent (7%); and
(5) before July 2, 1960, shall be increased by nine percent (9%).
(b) The increases specified in this section:
(1) are 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.
As added by P.L.228-1999, SEC.1.