Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Sec. 6. (a) The monthly benefit (B) payable on and after July 1, 1977, to a member, or a survivor or beneficiary of a member, who retired or was disabled before July 2, 1972, shall be increased by an amount equal to the benefit payable (J) in June 1977 times one-half percent ( 1/2 %) times the number of years (y) from the member's date of retirement or disability through June 1977.
Expressed mathematically: B = (1 + .005y)J
This subsection does not apply to persons receiving disability benefits under IC 5-10.4-5-2.
(b) As a cost of living increase, the retirement, disability, and survivor benefit payable on and after July 1, 1978, to a member, or a beneficiary or survivor of a member, who retired before July 2, 1977, shall be increased by three percent (3%). This subsection does not apply to benefits payable in a lump sum.
Cite this article: FindLaw.com - Indiana Code Title 5. State and Local Administration § 5-10.2-5-6 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-5-state-and-local-administration/in-code-sect-5-10-2-5-6/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?