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5-10.2-5-38. Public employees' retirement fund; benefit increase payable after December 31, 2005

IN Code § 5-10.2-5-38 (2019) (N/A)
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Sec. 38. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2005, to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) who retired or was disabled:

(1) before July 2, 1990, shall be increased by two percent (2%); and

(2) after July 1, 1990, and before January 1, 2005, shall be increased by one and one-half percent (1.5%).

(b) The increases specified in this section:

(1) are based on 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.

As added by P.L.246-2005, SEC.51.

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5-10.2-5-39. Teachers' retirement fund; benefit increase payable after December 31, 2005