Indiana Code 5-10.3-8-13. Public employees’ retirement fund benefits; cost of living increase
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Sec. 13. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable to a member of the fund (or to a survivor or beneficiary of a member of the fund) shall be increased beginning on January 1, 2003, by the lesser of:
(2) the annual cost of living adjustment computed under 42 U.S.C. § 415 and published in the Federal Register in accordance with 42 U.S.C. § 215(i)(2)(D).
(1) two percent (2%); or
Terms Used In Indiana Code 5-10.3-8-13
- 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 for its employees. See Indiana Code 5-10.3-1-2
- Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3
- Member: as used in this article means persons qualifying for membership under Indiana Code 5-10.3-1-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The increase described in subsection (a) is payable to a member of the fund (or to a survivor or beneficiary of a member of the fund) who has been retired or disabled for at least one (1) year on January 1, 2003.
As added by P.L.191-2002, SEC.2.