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5-10.4-6-9. Postretirement increase payable after December 31, 2003

IN Code § 5-10.4-6-9 (2019) (N/A)
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Sec. 9. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2003, to a member of the fund (or to a survivor or beneficiary of a member of the fund) who retired or was disabled:

(1) after July 1, 1996, and before July 2, 2001, shall be increased by one percent (1%);

(2) after July 1, 1978, and before July 2, 1996, shall be increased by two percent (2%); and

(3) before July 2, 1978, shall be increased by three percent (3%).

(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.

[Pre-2006 Education Finance Recodification Citation: 5-10.2-5-34.4.]

As added by P.L.2-2006, SEC.28.

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