CHAPTER 5. RESTRICTED BENEFITS
IC 5-10.2-5
Chapter 5. Restricted Benefits
IC 5-10.2-5-1
Transitional benefits, 1955
Sec. 1. (a) A member who was an employee of the state orpolitical subdivision on April 1, 1955, and who was a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund, before April 1, 1955, is entitled to a normalretirement benefit which, when added to the primary social securitybenefit to which he may become entitled under the Social SecurityAct, is greater than or equal to the normal retirement benefit to whichhe would have been entitled under the retirement fund law in effectbefore April 1, 1955.
(b) This section does not abridge, diminish, or cancel any rights,privileges, or benefits provided to these members under laws ineffect before April 1, 1955.
(c) If a member of the retirement fund of the state board ofaccounts:
(1) was a member of that fund on April 1, 1955; and
(2) dies, retires, or qualifies for disability retirement beforeApril 2, 1970;
the member or his surviving spouse may choose to receive, insteadof the benefits of this article, the annuity survivor or disabilitybenefits under the retirement fund law in effect on March 31, 1955.The benefit paid shall be reduced by any payments under the federalSocial Security Act. In addition, the member may receive any annuitypayments provided by additional annuity contributions.
(d) If a member has earnings recorded under the Social SecurityAct from employment with more than one (1) employer, the amountof his primary social security benefit shall be computed by applyingto his total primary social security benefit the percentage which hisearnings recorded for service covered by IC 5-10.1 constitute of histotal earnings recorded under the Social Security Act. The socialsecurity benefit determined is considered payable even if the memberfails to apply for the benefit or loses all or part of it by delaying toapply for it or by engaging in covered employment or for any otherreason.
(e) The benefit to which the member would have been entitledunder the retirement fund law in effect before April 1, 1955, shall becomputed either:
(1) on the assumption that contributions were made as requiredby the retirement fund law on and after the date the memberbecame subject to the Social Security Act; or
(2) on the basis of his contributions actually made to the fundon and after April 1, 1955, and to the contribution fundestablished in IC 5-10.1 by January 1, 1987;
whichever of subdivision (1) or (2) is larger.
(f) The normal retirement benefit for retirement at any age underretirement fund laws in effect before April 1, 1955, and for
retirement on or after age sixty-five (65) under this article is theretirement benefit payable for life without special election. Forretirement before age sixty-five (65) after April 1, 1955, it is theretirement benefit payable under the option which integrates with thesocial security benefit at the youngest age of eligibility for the socialsecurity benefit to provide a uniform total benefit.
(g) The employer responsible for the employer contribution for amember who is retiring shall make any contributions required tocarry out this section.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.57-1987,SEC.4.
IC 5-10.2-5-2
Members retired pre-1956
Sec. 2. Members Retired Pre-1956. The retirement benefits ofmembers who retired before January 1, 1956, shall be computed bymultiplying fifteen dollars ($15.00) times years of service and thenadjusting the product obtained for early retirement and the selectedretirement option by using the factors in effect on July 1, 1975.
As added by Acts 1977, P.L.53, SEC.2.
IC 5-10.2-5-3
Surviving spouse, 1956-1959
Sec. 3. Surviving Spouse, 1956-1959. The surviving spouse of amember who accumulated twenty (20) years of service in hisretirement fund and who died between January 1, 1956, and April 1,1959, is entitled to the annuity survivor benefits in effect on April 1,1959.
As added by Acts 1977, P.L.53, SEC.2.
IC 5-10.2-5-4
Cost of living increases
Sec. 4. Cost of Living Increases. As a cost of living increase, theretirement, disability, and survivor benefit payable on and after July1, 1976, to a member, or beneficiary or survivor of a member, whoretired before July 2, 1975, shall be increased by three percent (3%).However, the benefit may not be increased by an amount less thanseven dollars ($7.00) per month nor more than fifteen dollars($15.00) per month. This section does not apply to benefits payablein a lump sum.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1977(ss),P.L.2, SEC.1.
IC 5-10.2-5-5
Special benefit; $200 minimum
Sec. 5. Special Benefit: $200 Minimum. (a) On and after July 1,1976, a retired member is entitled to a supplemental retirementbenefit to be paid by the fund as long as he meets each of theseconditions:
(1) he currently receives an annuity or pension or other
retirement benefit from his fund;
(2) he was sixty-five (65) years of age or older on July 1, 1976;and
(3) the amount of all annuities, pensions, and retirementbenefits for which he is eligible under the Social Security Actis less than two hundred dollars ($200) per month.
(b) The amount of supplemental retirement benefit to which aqualifying retired member is entitled each month is the differencebetween two hundred dollars ($200) and the total of all annuities,pensions and retirement benefits which he is eligible to receive underthe Social Security Act. A retired member who is not eligible for anyannuity, pension, or retirement benefit under the Social Security Acton July 1, 1976, and who qualifies under subsection (a) of thissection, is entitled to a supplemental retirement benefit of twohundred dollars ($200) per month.
(c) This section does not apply to members of the publicemployees' retirement fund who have been classified as federalemployees by the secretary of agriculture of the United States.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1978,P.L.24, SEC.3.
IC 5-10.2-5-6
Post-retirement cost of living increase payable on or after July 1,1977
Sec. 6. (a) The monthly benefit (B) payable on and after July 1,1977, to a member, or a survivor or beneficiary of a member, whoretired or was disabled before July 2, 1972, shall be increased by anamount equal to the benefit payable (J) in June 1977 times one-halfpercent (1/2%) times the number of years (y) from the member's dateof retirement or disability through June 1977.
Expressed mathematically: B = (1 + .005y)J
This subsection does not apply to persons receiving disabilitybenefits under IC 5-10.4-5-2.
(b) As a cost of living increase, the retirement, disability, andsurvivor benefit payable on and after July 1, 1978, to a member, ora beneficiary or survivor of a member, who retired before July 2,1977, shall be increased by three percent (3%). This subsection doesnot apply to benefits payable in a lump sum.
As added by Acts 1977(ss), P.L.2, SEC.2. Amended by P.L.2-2006,SEC.26.
IC 5-10.2-5-7
Postretirement increase payable on or after July 1, 1979
Sec. 7. Postretirement Increase. (a) The monthly benefit payableon and after July 1, 1979, to a member, or a survivor or beneficiaryof a member, who retired or was disabled:
(1) before July 2, 1962, shall be increased by six percent (6%);
(2) after July 1, 1962, and before July 2, 1967, shall beincreased 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 ofthe member's initial retirement or disability. This section does notapply to benefits payable in a lump sum.
(b) As a cost of living increase, the retirement, disability, andsurvivor benefits payable after June 30, 1979, to a member, or abeneficiary or a survivor of a member, who retired before August 1,1978, shall be increased three percent (3%). The increase providedby this subsection is in addition to any other increase provided bylaw. This subsection does not apply to benefits payable in a lumpsum.
As added by Acts 1979, P.L.36, SEC.1.
IC 5-10.2-5-8
Postretirement increase payable on and after July 1, 1980
Sec. 8. Postretirement Increase. The monthly benefit payable onand after July 1, 1980, to a member, or a survivor or beneficiary ofa member, who retired or was disabled:
(1) before July 2, 1963, shall be increased by nine percent (9%);
(2) after July 1, 1963, and before July 2, 1968, shall beincreased by six percent (6%); and
(3) after July 1, 1968, and before July 2, 1973, shall beincreased by three percent (3%).
The increase specified in this section shall be based upon the date ofthe member's initial retirement or disability. This section does notapply to benefits payable in a lump sum. The increases provided bythis section are in addition to any other increase provided by law.
As added by Acts 1980, P.L.29, SEC.1.
IC 5-10.2-5-9
1980 cost of living adjustment
Sec. 9. 1980 Cost of Living Adjustment. As a cost of livingincrease, the retirement, disability, and survivor benefits payableafter June 30, 1980, to a member, or a beneficiary or a survivor of amember, who retired before August 1, 1979, shall be increased fourpercent (4%). The increase provided by this section is in addition toany other increase provided by law. This section does not apply tobenefits payable in a lump sum.
As added by Acts 1980, P.L.29, SEC.2.
IC 5-10.2-5-10
1981 postretirement increase
Sec. 10. Postretirement Increase. The monthly benefit payable onand after July 1, 1981, to a member, or a survivor or beneficiary ofa member, who retired or was disabled before July 2, 1968, shall beincreased by three percent (3%). The increase specified in thissection shall be based upon the date of the member's initialretirement or disability. This section does not apply to benefitspayable in a lump sum. The increases provided by this section are inaddition to any other increase provided by law.As added by Acts 1981, P.L.49, SEC.2.
IC 5-10.2-5-11
1982 postretirement increases
Sec. 11. 1982 Postretirement Increases. (a) The monthly benefitpayable after June 30, 1982, to a member, or a survivor orbeneficiary of a member, who retired or was disabled before July 2,1980, shall be increased by four percent (4%).
(b) The increase specified in this section:
(1) shall be based upon the date of the member's initialretirement 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.
As added by Acts 1982, P.L.38, SEC.1.
IC 5-10.2-5-12
1983 postretirement increases
Sec. 12. (a) The monthly benefit payable after June 30, 1983, toa member, or a survivor or beneficiary of a member, who retired orwas disabled:
(1) before July 2, 1965, shall be increased by three percent(3%);
(2) after July 1, 1965, and before July 2, 1970, shall beincreased by two percent (2%); and
(3) after July 1, 1970, and before July 2, 1975, shall beincreased by one percent (1%).
(b) In addition to the increase specified in subsection (a), themonthly benefit payable after June 30, 1983, to a member, or asurvivor or beneficiary of a member, who retired or was disabledbefore 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 initialretirement 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.
IC 5-10.2-5-13
Pension increases payable after June 30, 1984
Sec. 13. (a) The pension portion (plus postretirement increases tothe pension portion), provided by employer contributions, of themonthly benefit payable after June 30, 1984, to a member, or asurvivor or beneficiary of a member, who retired or was disabled:
(1) before July 2, 1966, shall be increased by four percent (4%);
(2) after July 1, 1966, and before July 2, 1971, shall beincreased by three percent (3%); and
(3) after July 1, 1971, and before July 2, 1981, shall beincreased by two percent (2%).
(b) 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.30-1984, SEC.1.
IC 5-10.2-5-14
Increases in pension payable after June 30, 1985
Sec. 14. (a) The pension portion (plus postretirement increases tothe pension portion), provided by employer contributions, of themonthly benefit payable after June 30, 1985, to a member, or asurvivor or beneficiary of a member, who retired or was disabled:
(1) before July 2, 1969, shall be increased by three percent(3%);
(2) after July 1, 1969, and before July 2, 1974, shall beincreased by two percent (2%); and
(3) after July 1, 1974, and before July 2, 1979, shall beincreased by one percent (1%).
(b) In addition to the increase specified in subsection (a), thepension portion (plus postretirement increases to the pensionportion), provided by employer contributions, of the monthly benefitpayable after June 30, 1985, to a member, or a survivor orbeneficiary of a member, who retired or was disabled before July 2,1984, 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 initialretirement 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.50-1985, SEC.1.
IC 5-10.2-5-15
Cost of living increases in pension payable after June 30, 1986
Sec. 15. (a) The pension portion (plus postretirement increases tothe pension portion), provided by employer contributions, of themonthly benefit payable after June 30, 1986, to a member, or asurvivor or beneficiary of a member, who retired or was disabled:
(1) before July 2, 1970, shall be increased by three percent(3%);
(2) after July 1, 1970, and before July 2, 1975, shall beincreased by two percent (2%); and
(3) after July 1, 1975, and before July 2, 1980, shall beincreased by one percent (1%).
(b) In addition to the increase specified in subsection (a), thepension portion (plus postretirement increases to the pensionportion), provided by employer contributions, of the monthly benefitpayable after June 30, 1986, to a member, or a survivor orbeneficiary of a member, who retired or was disabled before July 2,1985, shall be increased by two percent (2%).
(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.41-1986, SEC.1.
IC 5-10.2-5-16
Pension increases payable after June 30, 1987
Sec. 16. (a) Subject to subsection (d), the pension portion (pluspostretirement increases to the pension portion), provided byemployer contributions, of the monthly benefit payable after June 30,1987, to a member, or a survivor or beneficiary of a member, whoretired or was disabled:
(1) before July 2, 1970, shall be increased by three percent(3%);
(2) after July 1, 1970, and before July 2, 1976, shall beincreased by two percent (2%); and
(3) after July 1, 1976, and before July 2, 1981, shall beincreased by one percent (1%).
(b) In addition to the increase specified in subsection (a), thepension portion (plus postretirement increases to the pensionportion), provided by employer contributions, of the monthly benefitpayable after June 30, 1987, to a member, or a survivor orbeneficiary of a member, who retired or was disabled before July 2,1985, shall, subject to subsection (d), be increased by one percent(1%).
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.
(d) This section is applicable only if the general assemblyprovides sufficient funding for the increased cost of the benefitsprovided by this section.
As added by P.L.59-1987, SEC.1.
IC 5-10.2-5-17
Increases after June 30, 1988
Sec. 17. (a) The pension portion (plus postretirement increases tothe pension portion), provided by employer contributions, of themonthly benefit payable after June 30, 1988, to a member, or asurvivor or beneficiary of a member, who retired or was disabled:
(1) before July 2, 1970, shall be increased by three percent(3%);
(2) after July 1, 1970, and before July 2, 1976, shall beincreased by two percent (2%); and
(3) after July 1, 1976, and before July 2, 1981, shall beincreased by one percent (1%).
(b) In addition to the increase specified in subsection (a), thepension portion (plus postretirement increases to the pensionportion), provided by employer contribution, of the monthly benefit
payable after June 30, 1988, to a member, or a survivor orbeneficiary of a member, who retired or was disabled before July 2,1986, shall be increased by one percent (1%).
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.
(d) This subsection does not apply to a person described inIC 5-10.4-6-7. For the period beginning July 1, 1988, through June30, 1989, the costs of the postretirement increases provided by thissection for members of the Indiana state teachers' retirement fundshall be charged to the retired teacher annuity reserve.
As added by P.L.45-1988, SEC.2. Amended by P.L.2-2006, SEC.27.
IC 5-10.2-5-18
Repealed
(Repealed by P.L.2-2006, SEC.199.)
IC 5-10.2-5-19
Increases after June 30, 1989
Sec. 19. (a) The pension portion (plus postretirement increases tothe pension portion), provided by employer contributions, of themonthly benefit payable after June 30, 1989, to a member, or asurvivor or beneficiary of a member, who retired or was disabledbefore July 2, 1987, shall be increased by three percent (3%).
(b) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.61-1989, SEC.1.
IC 5-10.2-5-20
Employees of institutions of higher learning
Sec. 20. (a) Notwithstanding the repeal of IC 5-10.2-2-5, amember who:
(1) is an employee of a state educational institution; and
(2) began making contributions by payroll deduction underIC 5-10.2-2-5 before January 1, 1989;
may continue to make contributions after June 30, 1989, as ifIC 5-10.2-2-5 had not been repealed. Such an institution maycontinue to make additional contributions for members on whosebehalf additional contributions were being made before January 1,1989.
(b) The employer may use contributions made under this sectionand IC 5-10.2-2-5 to purchase an annuity from a retirement fund fora member described in subsection (a) at any time before the memberretires.
(c) Interest shall be credited on contributions made under this
section and IC 5-10.2-2-5 as specified in IC 5-10.2-2-4.
(d) Nothing in this section or in the repeal of IC 5-10.2-2-5 maybe construed to affect in any way the ability of a state educationalinstitution to make contributions on behalf of its employees to a taxdeferred annuity under Section 403(b) of the Internal Revenue Code.
(e) A member who:
(1) has at least five (5) years of credited service;
(2) is an employee of a state educational institution; and
(3) is transferred from a position covered by the Indiana stateteachers' retirement fund or the Indiana public employees'retirement fund to a position not covered by either of the funds;
shall continue to receive credit, for the determination of eligibilityfor benefits only, for up to five (5) additional years of service withthe institution, subject to all the provisions of the retirement fundlaw. The additional service credit and the salary in the non-coveredposition shall not be included in the computation of benefits from theretirement fund.
As added by P.L.55-1989, SEC.21. Amended by P.L.2-2007, SEC.94.
IC 5-10.2-5-21
Pension increases payable after June 30, 1990
Sec. 21. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1990, to a member or asurvivor or beneficiary of a member who retired or was disabled:
(1) before July 2, 1971, shall be increased by three percent(3%);
(2) after July 1, 1971, and before July 2, 1976, shall beincreased by two percent (2%); and
(3) after July 1, 1976, and before July 2, 1983, shall beincreased by one percent (1%).
(b) In addition to the increase specified in subsection (a), thepension portion (plus postretirement increases to the pensionportion), provided by employer contributions of the monthly benefitpayable after June 30, 1990, to a member or a survivor or beneficiaryof a member, who retired or was disabled before July 2, 1988, shallbe increased by two percent (2%).
As added by P.L.43-1990, SEC.1.
IC 5-10.2-5-22
Increases after June 30, 1994
Sec. 22. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1994, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund or a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund who retired or was disabled:
(1) after July 1, 1987, and before July 2, 1992, shall beincreased by one percent (1%); (2) after July 1, 1984, and before July 2, 1987, shall beincreased by two percent (2%); and
(3) before July 2, 1984, shall be increased by three percent(3%).
(b) This subsection applies only to an increase payable to amember of the Indiana teachers' retirement fund. The cost differencebetween the monthly benefit payable before the increase required bythis section and the monthly benefit payable after the increaserequired by this section after June 30, 1994, and before July 1, 1995,shall be paid from the employer reserve fund for the Indiana stateteachers' retirement fund. After June 30, 1995, the difference shall bepaid from the state general fund.
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.27-1994, SEC.1.
IC 5-10.2-5-23
Pension increases payable after June 30, 1995
Sec. 23. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1995, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund or a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund who retired or was disabled:
(1) before July 2, 1981, shall be increased by three andone-tenth percent (3.1%); and
(2) after July 1, 1981, and before July 2, 1993, shall beincreased by one and one-half percent (1.5%).
(b) This subsection applies only to an increase payable to amember of the Indiana state teachers' retirement fund. The costdifference between the monthly benefit payable before the increaserequired by this section and the monthly benefit payable after theincrease required by this section after June 30, 1995, and before July1, 1996, shall be paid from the employer reserve fund for the Indianastate teachers' retirement fund. After June 30, 1996, the differenceshall be paid from the state general fund.
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.68-1995, SEC.1.
IC 5-10.2-5-24
Pension increases payable after June 30, 1996
Sec. 24. (a) The pension portion (plus postretirement increases to
the pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1996, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund or a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund who retired or was disabled:
(1) before July 2, 1981, shall be increased by three andone-tenth percent (3.1%); and
(2) after July 1, 1981, and before July 2, 1993, shall beincreased by one and one-half percent (1.5%).
(b) This subsection applies only to an increase payable to amember of the Indiana state teachers' retirement fund. The costdifference between the monthly benefit payable before the increaserequired by this section and the monthly benefit payable after theincrease required by this section after June 30, 1996, and before July1, 1997, shall be paid from the employer reserve fund for the Indianastate teachers' retirement fund. After June 30, 1997, the differenceshall be paid from the state general fund.
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.68-1995, SEC.2.
IC 5-10.2-5-25
Increases after June 30, 1997
Sec. 25. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1997, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund or a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund who retired or was disabled:
(1) after July 1, 1983, and before July 2, 1996, shall beincreased by two percent (2%);
(2) after July 1, 1975, and before July 2, 1983, shall beincreased by three percent (3%); and
(3) before July 2, 1975, shall be increased by four percent (4%).
(b) This subsection applies only to an increase payable to amember of the Indiana teachers' retirement fund. The cost differencebetween the monthly benefit payable before the increase required bythis section and the monthly benefit payable after the increaserequired by this section after June 30, 1997, and before July 1, 1998,shall be paid from the employer reserve fund for the Indiana stateteachers' retirement fund. After June 30, 1998, the difference shall bepaid from the state general fund.
(c) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.44-1997, SEC.1.
IC 5-10.2-5-26
Pension increases payable after June 30, 1998
Sec. 26. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1998, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund or a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund who retired or was disabled:
(1) after July 1, 1983, and before July 2, 1995, shall beincreased by two percent (2%);
(2) after July 1, 1975, and before July 2, 1983, shall beincreased by three percent (3%); and
(3) before July 2, 1975, shall be increased by four percent (4%).
(b) The increases specified in this section:
(1) shall be based upon the date of the member's latestretirement 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.45-1998, SEC.1.
IC 5-10.2-5-27
Pension increases payable after June 30, 1999
Sec. 27. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 1999, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund (or to a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund) who retired or was disabled:
(1) after July 1, 1990, and before July 2, 1995, shall beincreased by one and one-quarter percent (1.25%);
(2) after July 1, 1980, and before July 2, 1990, shall beincreased by two percent (2%);
(3) after July 1, 1970, and before July 2, 1980, shall beincreased by five percent (5%);
(4) after July 1, 1960, and before July 2, 1970, shall beincreased by seven percent (7%); and
(5) before July 2, 1960, shall be increased by nine percent (9%).
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.228-1999, SEC.1.
IC 5-10.2-5-28
Pension increases payable after June 30, 2000
Sec. 28. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 2000, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund (or to a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund) who retired or was disabled:
(1) after July 1, 1990, and before July 2, 1996, shall beincreased by one percent (1%);
(2) after July 1, 1980, and before July 2, 1990, shall beincreased by two percent (2%);
(3) after July 1, 1970, and before July 2, 1980, shall beincreased by five percent (5%);
(4) after July 1, 1960, and before July 2, 1970, shall beincreased by seven percent (7%); and
(5) before July 2, 1960, shall be increased by nine percent (9%).
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.228-1999, SEC.2.
IC 5-10.2-5-29
Minimum purchasing power of pension portion after June 30, 1999
Sec. 29. (a) In addition to any other cost of living provided underthis chapter, the pension portion (plus postretirement increases to thepension portion) provided by employer contributions of the monthlybenefit payable after June 30, 1999, to a member of the publicemployees' retirement fund or the Indiana state teachers' retirementfund (or to a survivor or beneficiary of a member of the publicemployees' retirement fund or the Indiana state teachers' retirementfund) who retired or was disabled before July 2, 1960, shall beincreased by the amount necessary to ensure that the purchasingpower (as determined by the PERF or TRF board, based on changesin the consumer price index and postretirement increases to thepension portion) of the member's pension portion is at least equal tofifty percent (50%) of the purchasing power of the member's pensionportion at the time the member retired, as determined on July 1,1999.
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.228-1999, SEC.3.
IC 5-10.2-5-30
Minimum purchasing power of pension portion after June 30, 2000
Sec. 30. (a) In addition to any other cost of living provided underthis chapter, the pension portion (plus postretirement increases to thepension portion) provided by employer contributions of the monthlybenefit payable after June 30, 2000, to a member of the publicemployees' retirement fund or the Indiana state teachers' retirementfund (or to a survivor or beneficiary of a member of the publicemployees' retirement fund or the Indiana state teachers' retirementfund) who retired or was disabled before July 2, 1975, shall beincreased by the amount necessary to ensure that the purchasingpower (as determined by the PERF or TRF board, based on changesin the consumer price index and postretirement increases to thepension portion) of the member's pension portion is at least equal tofifty-seven and four-tenths percent (57.4%) of the purchasing powerof the member's pension portion at the time the member retired, asdetermined on July 1, 2000.
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.228-1999, SEC.4.
IC 5-10.2-5-31
Pension increases payable after June 30, 2001
Sec. 31. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after June 30, 2001, to a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund (or to a survivor or beneficiary of a member of thepublic employees' retirement fund or the Indiana state teachers'retirement fund) who retired or was disabled before July 2, 1999,shall be increased by one percent (1%).
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.285-2001, SEC.2.
IC 5-10.2-5-32
(Repealed by P.L.2-2006, SEC.199.)
IC 5-10.2-5-33
Public employees' retirement fund; pension increases payable afterDecember 31, 2003
Sec. 33. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2003, to a member of
the public employees' retirement fund (or to a survivor or beneficiaryof a member of the public employees' retirement fund) who retiredor was disabled before January 1, 2003, shall be increased by twopercent (2%).
(b) The monthly amount of the increase described in subsection(a) payable to a member of the public employees' retirement fund (orto a survivor or beneficiary of a member of the public employees'retirement fund) may not be less than five dollars ($5).
(c) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.190-2003, SEC.3.
IC 5-10.2-5-34
Repealed
(Repealed by P.L.12-2008, SEC.3.)
IC 5-10.2-5-34.4
Repealed
(Repealed by P.L.2-2006, SEC.199.)
IC 5-10.2-5-36
Public employees' retirement fund; pension increase payable afterDecember 31, 2004
Sec. 36. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2004, to a member ofthe public employees' retirement fund (or to a survivor or beneficiaryof a member) who retired or was disabled before January 1, 2004,shall be increased by two percent (2%).
(b) The monthly amount of the increase described in subsection(a) payable to a member of the public employees' retirement fund (orto a survivor or beneficiary of a member) may not be less than fivedollars ($5).
(c) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(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.56-2004, SEC.1.
IC 5-10.2-5-37
Repealed
(Repealed by P.L.2-2006, SEC.199.)
IC 5-10.2-5-38
Public employees' retirement fund; benefit increase payable afterDecember 31, 2005 Sec. 38. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2005, to a member ofthe public employees' retirement fund (or to a survivor or beneficiaryof a member of the public employees' retirement fund) who retiredor was disabled:
(1) before July 2, 1990, shall be increased by two percent (2%);and
(2) after July 1, 1990, and before January 1, 2005, shall beincreased by one and one-half percent (1.5%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(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.246-2005, SEC.51.
IC 5-10.2-5-39
Teachers' retirement fund; benefit increase payable afterDecember 31, 2005
Sec. 39. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2005, to a member ofthe Indiana state teachers' retirement fund (or to a survivor orbeneficiary of a member of the Indiana state teachers' retirementfund) who retired or was disabled:
(1) before July 2, 1990, shall be increased by two percent (2%);and
(2) after July 1, 1990, and before July 2, 2003, shall beincreased by one percent (1%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(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.246-2005, SEC.52.
IC 5-10.2-5-40
Public employees' retirement fund; benefit increase payable afterDecember 31, 2006
Sec. 40. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2006, to a member ofthe public employees' retirement fund (or to a survivor or beneficiaryof a member of the public employees' retirement fund) who retiredor was disabled before January 1, 2006, shall be increased by twopercent (2%).
(b) The increase specified in this section:
(1) is based on the date of the member's latest retirement ordisability; (2) does not apply to benefits payable in a lump sum; and
(3) is in addition to any other increase provided by law.
As added by P.L.115-2006, SEC.1. Amended by P.L.1-2007, SEC.27.
IC 5-10.2-5-41
Teachers' retirement fund; benefit increase payable afterDecember 31, 2006
Sec. 41. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2006, to a member ofthe Indiana state teachers' retirement fund (or to a survivor orbeneficiary of a member of the Indiana state teachers' retirementfund) who retired or was disabled:
(1) before July 2, 1991, shall be increased by two percent (2%);and
(2) after July 1, 1991, and before July 2, 2004, shall beincreased by one percent (1%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(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.115-2006, SEC.2.
IC 5-10.2-5-42
Teachers' retirement fund; cost of living increase payable afterDecember 31, 2007
Sec. 42. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2007, to a member ofthe Indiana state teachers' retirement fund (or to a survivor orbeneficiary of a member of the Indiana state teachers' retirementfund) who retired or was disabled:
(1) before July 2, 1999, shall be increased by two percent (2%);and
(2) after July 1, 1999, and before July 2, 2005, shall beincreased by one percent (1%).
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.87-2007, SEC.1.
IC 5-10.2-5-42.4
Public employees' retirement fund; increase payable afterDecember 31, 2007
Sec. 42.4. (a) The pension portion (plus postretirement increasesto the pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2007, to a member of
the public employees' retirement fund (or to a survivor or beneficiaryof a member of the public employees' retirement fund) who retiredor was disabled before January 1, 2007, shall be increased by twopercent (2%).
(b) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(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.163-2007, SEC.1.
IC 5-10.2-5-43
Public employees' retirement fund; benefit increase payable afterDecember 31, 2008
Sec. 43. (a) The pension portion (plus postretirement increases tothe pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2008, to a member ofthe public employees' retirement fund (or to a survivor or beneficiaryof a member of the public employees' retirement fund) who retiredor was disabled before January 1, 2008, shall be increased by:
(1) two percent (2%) for members who retired after December31, 1999; and
(2) two and one-half (2.5%) percent for members who retiredbefore January 1, 2000.
(b) In addition to any other cost of living increase provided underthis chapter, the pension portion (plus postretirement increases to thepension portion) provided by employer contributions of the monthlybenefit payable after December 31, 2008, to a member of the publicemployees' retirement fund (or to a survivor or beneficiary of amember of the public employees' retirement fund) who is a retiredmember of the fund with at least ten (10) years of creditable servicemay not be less than one hundred eighty dollars ($180).
(c) Subsection (b) does not apply to a member of the publicemployees' retirement fund (or to a survivor or beneficiary of amember of the public employees' retirement fund) whose creditableservice was earned only as an elected official.
(d) The increases specified in this section:
(1) are based on the date of the member's latest retirement ordisability;
(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.12-2008, SEC.1.
IC 5-10.2-5-43.4
Teachers' retirement fund; benefit increase payable afterDecember 31, 2008
Sec. 43.4. (a) The pension portion (plus postretirement increasesto the pension portion) provided by employer contributions of themonthly benefit payable after December 31, 2008, to a member ofthe Indiana state teachers' retirement fund (or to a survivor or
beneficiary of a member of the Indiana state teachers' retirementfund) who retired or was disabled:
(1) before July 2, 2000, shall be increased by two percent (2%);and
(2) after July 1, 2000, and before July 2, 2006, shall beincreased by one percent (1%).
(b) The increases specified in this section:
(1) are based upon the date of the member's latest retirement ordisability;
(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.124-2008, SEC.3.