Indiana Code 5-10.2-5-8. Postretirement increase payable on and after July 1, 1980
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Sec. 8. Postretirement Increase. The monthly benefit payable on and after July 1, 1980, to a member, or a survivor or beneficiary of a member, who retired or was disabled:
(2) after July 1, 1963, and before July 2, 1968, shall be increased by six percent (6%); and
(1) before July 2, 1963, shall be increased by nine percent (9%);
Terms Used In Indiana Code 5-10.2-5-8
- 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
- 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, 1968, and before July 2, 1973, shall be increased by three percent (3%).
The increase specified in this section shall be based upon the date of the member’s initial retirement or disability. This section does not apply to benefits payable in a lump sum. The increases provided by this section are in addition to any other increase provided by law.
As added by Acts 1980, P.L.29, SEC.1.