Sec. 40. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2006, 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 before January 1, 2006, shall be increased by two percent (2%). (b) The increase specified in this section: (1) is based on the date of the member's latest retirement or disability; (2) does not apply to benefits payable in a lump sum; and (3) is in addition to any other increase provided by law.
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