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Indiana Code Title 5. State and Local Administration § 5-10.2-5-16

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 16. (a) Subject to subsection (d), the pension portion (plus postretirement increases to the pension portion), provided by employer contributions, of the monthly benefit payable after June 30, 1987, to a member, or a survivor or beneficiary of a member, who retired or was disabled:

(1) before July 2, 1970, shall be increased by three percent (3%);

(2) after July 1, 1970, and before July 2, 1976, shall be increased by two percent (2%);  and

(3) after July 1, 1976, and before July 2, 1981, shall be increased by one percent (1%).

(b) In addition to the increase specified in subsection (a), the pension portion (plus postretirement increases to the pension portion), provided by employer contributions, of the monthly benefit payable after June 30, 1987, to a member, or a survivor or beneficiary of a member, who retired or was disabled before July 2, 1985, shall, subject to subsection (d), be increased by one percent (1%).

(c) The increases specified in this section:

(1) shall be 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.

(d) This section is applicable only if the general assembly provides sufficient funding for the increased cost of the benefits provided by this section.

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Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-10.2-5-16 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-10-2-5-16/

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