Sec. 40. (a) The pension portion (plus postretirement increases to the pension portion) provided by
employer contributions of the monthly benefit payable after December 31, 2006, 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, 2006, shall be increased by two percent (2%).
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Terms Used In Indiana Code 5-10.2-5-40
- 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
(1) is based on the date of the member’s latest retirement or disability;
(2) does not apply to benefits payable in a lump sum; and
(3) is in addition to any other increase provided by law.
As added by P.L.115-2006, SEC.1. Amended by P.L.1-2007, SEC.27.
