Sec. 7. Postretirement Increase. (a) The monthly benefit payable on and after July 1, 1979, to a member, or a survivor or beneficiary of a member, who retired or was disabled:

(1) before July 2, 1962, shall be increased by six percent (6%);

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Terms Used In Indiana Code 5-10.2-5-7

  • 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
(2) after July 1, 1962, and before July 2, 1967, shall be increased by four percent (4%); and

(3) after July 1, 1967, and before July 2, 1972, shall be increased by two percent (2%).

The increase specified in this section shall be based upon the date of the member’s initial retirement or disability. This section does not apply to benefits payable in a lump sum.

     (b) As a cost of living increase, the retirement, disability, and survivor benefits payable after June 30, 1979, to a member, or a beneficiary or a survivor of a member, who retired before August 1, 1978, shall be increased three percent (3%). The increase provided by this subsection is in addition to any other increase provided by law. This subsection does not apply to benefits payable in a lump sum.

As added by Acts 1979, P.L.36, SEC.1.

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