Indiana Code 5-10.2-5-12. 1983 postretirement increases
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Sec. 12. (a) The monthly benefit payable after June 30, 1983, to a member, or a survivor or beneficiary of a member, who retired or was disabled:
(2) after July 1, 1965, and before July 2, 1970, shall be increased by two percent (2%); and
(1) before July 2, 1965, shall be increased by three percent (3%);
Terms Used In Indiana Code 5-10.2-5-12
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Member: as used in this article means a member of the Indiana state teachers' retirement fund or of the public employees' retirement fund. See Indiana Code 5-10.2-1-4
(3) after July 1, 1970, and before July 2, 1975, shall be increased by one percent (1%).
(b) In addition to the increase specified in subsection (a), the monthly benefit payable after June 30, 1983, to a member, or a survivor or beneficiary of a member, who retired or was disabled before July 2, 1982, shall be increased by three percent (3%).
(c) The increases specified in this section:
(1) shall be based upon the date of the member’s initial 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.50-1983, SEC.1.