Sec. 21. (a) Except as provided in subsection (d), the monthly benefit payable after June 30, 1987, to a participant, or a survivor or beneficiary of a participant, who retired or was disabled before July 2, 1986, shall be increased by an amount determined by the board. The board shall determine the amount for each participant, survivor, and beneficiary so that the monthly benefit is increased by one-half (1/2) the amount that the monthly benefit would have been increased if the participant had been a member of the public employees' retirement fund on the date of retirement or disability.
(b) Except as provided in subsection (d), the monthly benefit payable after June 30, 1988, to a participant, or a survivor or beneficiary of a participant, who retired or was disabled before July 2, 1987, shall be increased by an amount determined by the board. The board shall determine the amount for each participant, survivor, and beneficiary so that the monthly benefit is increased to the amount that the monthly benefit would have equaled if the participant had been a member of the public employees' retirement fund on the date of retirement or disability.
(c) Except as provided in subsection (d), the monthly benefit payable after June 30, 1989, to participants, survivors, and beneficiaries shall be increased by the same percentages and under the same conditions as monthly benefits are increased under IC 5-10.2-5 for members of the public employees' retirement fund and their survivors and beneficiaries.
(d) This section is applicable only if the general assembly provides sufficient funding for the increased cost of the benefits provided by this section.
As added by P.L.56-1987, SEC.6. Amended by P.L.4-1990, SEC.4.
Structure Indiana Code
Title 5. State and Local Administration
Article 10. Public Employee Benefits
5-10-5.5-2. Creation; Investment of Plan Assets
5-10-5.5-2.5. Qualification of Plan Under Internal Revenue Code
5-10-5.5-3. Management; Confidentiality of Retirement Plan Records
5-10-5.5-3.5. Administration of Retirement Plan Consistent With Americans With Disabilities Act
5-10-5.5-4. Participants' Saving Fund; Creation
5-10-5.5-5. Participants; Eligibility
5-10-5.5-6. Transfer of Funds to Savings Fund
5-10-5.5-7. Transfer of Creditable Service; Credit During Disability
5-10-5.5-7.5. Purchase of Service Credit Earned in Certain Indiana Public Retirement Funds
5-10-5.5-8. Contributions; Rate; Payroll Deductions; Employer Pick-Up of Contributions
5-10-5.5-8.5. Submission of Contributions, Reports, and Records Electronically
5-10-5.5-9. Retirement Provisions
5-10-5.5-10. Retirement Allowance
5-10-5.5-12. Early Retirement Allowance; Monthly Installments
5-10-5.5-13. Permanent or Temporary Disability
5-10-5.5-14. Disability Occurring Before July 1, 1987; Allowance; Monthly Installments; Cessation
5-10-5.5-15. Surviving Mothers, Fathers, Spouses, or Unmarried Children; Eligibility for Benefits
5-10-5.5-16. Survivors' Benefits; Death Before February 1, 2018; Amount
5-10-5.5-16.3. Survivors' Benefits; Other Than Line of Duty Death After January 31, 2018; Amount
5-10-5.5-16.6. Survivors' Benefits; Line of Duty Death After January 31, 2018; Amount
5-10-5.5-17. Lump Sum Refund of Contributions or Payments
5-10-5.5-18. Termination of Service Before Accumulating 15 Years of Creditable Service
5-10-5.5-19. Public Employees Retirement Fund Law; Applicability
5-10-5.5-21. Increase in Monthly Benefits