Indiana Code 5-10.2-5-43. Public employees’ retirement fund; benefit increase payable after December 31, 2008
(1) two percent (2%) for members who retired after December 31, 1999; and
Terms Used In Indiana Code 5-10.2-5-43
- 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
(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 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.