Sec. 8. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2002, 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, 1995, and before July 2, 2000, shall be increased by one percent (1%); (2) after July 1, 1977, and before July 2, 1995, shall be increased by two percent (2%); and (3) before July 2, 1977, 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: 5-10.2-5-32.]
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.