North Dakota Code 15-39.1-10.8 – Postretirement adjustments
An individual who on June 30, 1993, is receiving monthly benefits from the fund on an account paid under this chapter or under former chapter 15-39 is entitled to receive three dollars per month multiplied by the individual’s number of years of credited service for individuals who retired before 1980, two dollars and fifty cents per month multiplied by the individual’s number of years of credited service for individuals who retired after 1979 and before 1984, or one dollar per month multiplied by the individual’s number of years of credited service for individuals who retired after 1983 and who retire before July 1, 1993, or an increase of ten percent in the individual’s currently payable annuity, whichever is greater. The minimum monthly increase under this section is five dollars and the maximum monthly increase under this section is one hundred dollars.
Terms Used In North Dakota Code 15-39.1-10.8
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Individual: means a human being. See North Dakota Code 1-01-49