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Sec. 27. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after June 30, 1999, to a member of the public employees' retirement fund or the Indiana state teachers' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund or the Indiana state teachers' retirement fund) who retired or was disabled:
(1) after July 1, 1990, and before July 2, 1995, shall be increased by one and one-quarter percent (1.25%);
(2) after July 1, 1980, and before July 2, 1990, shall be increased by two percent (2%);
(3) after July 1, 1970, and before July 2, 1980, shall be increased by five percent (5%);
(4) after July 1, 1960, and before July 2, 1970, shall be increased by seven percent (7%); and
(5) before July 2, 1960, shall be increased by nine percent (9%).
(b) The increases specified in this section:
(1) are 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.
Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-10.2-5-27 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-10-2-5-27/
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