Sec. 28. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after June 30, 2000, 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, 1996, shall be increased by one percent (1%); (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.
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