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, who retired or was disabled before July 2, 1972, shall be increased by an amount equal to the benefit payable (J) in June 1977 times one-half percent (1/2%) times the number of years (y) from the member's date of retirement or disability through June 1977.
Expressed mathematically: B = (1 + .005y)J
This subsection does not apply to persons receiving disability benefits under IC 5-10.4-5-2.
(b) As a cost of living increase, the retirement, disability, and survivor benefit payable on and after July 1, 1978, to a member, or a beneficiary or survivor of a member, who retired before July 2, 1977, shall be increased by three percent (3%). This subsection does not 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.
Structure Indiana Code
Title 5. State and Local Administration
Article 10.2. Public Retirement and Disability Benefits
Chapter 5. Restricted Benefits
5-10.2-5-1. Transitional Benefits, 1955
5-10.2-5-2. Members Retired Pre-1956
5-10.2-5-3. Surviving Spouse, 1956-1959
5-10.2-5-4. Cost of Living Increases
5-10.2-5-5. Special Benefit; $200 Minimum
5-10.2-5-6. Post-Retirement Cost of Living Increase Payable on or After July 1, 1977
5-10.2-5-7. Postretirement Increase Payable on or After July 1, 1979
5-10.2-5-8. Postretirement Increase Payable on and After July 1, 1980
5-10.2-5-9. 1980 Cost of Living Adjustment
5-10.2-5-10. 1981 Postretirement Increase
5-10.2-5-11. 1982 Postretirement Increases
5-10.2-5-12. 1983 Postretirement Increases
5-10.2-5-13. Pension Increases Payable After June 30, 1984
5-10.2-5-14. Increases in Pension Payable After June 30, 1985
5-10.2-5-15. Cost of Living Increases in Pension Payable After June 30, 1986
5-10.2-5-16. Pension Increases Payable After June 30, 1987
5-10.2-5-17. Increases After June 30, 1988
5-10.2-5-19. Increases After June 30, 1989
5-10.2-5-20. Employees of Institutions of Higher Learning
5-10.2-5-21. Pension Increases Payable After June 30, 1990
5-10.2-5-22. Increases After June 30, 1994
5-10.2-5-23. Pension Increases Payable After June 30, 1995
5-10.2-5-24. Pension Increases Payable After June 30, 1996
5-10.2-5-25. Increases After June 30, 1997
5-10.2-5-26. Pension Increases Payable After June 30, 1998
5-10.2-5-27. Pension Increases Payable After June 30, 1999
5-10.2-5-28. Pension Increases Payable After June 30, 2000
5-10.2-5-29. Minimum Purchasing Power of Pension Portion After June 30, 1999
5-10.2-5-30. Minimum Purchasing Power of Pension Portion After June 30, 2000
5-10.2-5-31. Pension Increases Payable After June 30, 2001
5-10.2-5-33. Public Employees' Retirement Fund; Pension Increases Payable After December 31, 2003
5-10.2-5-36. Public Employees' Retirement Fund; Pension Increase Payable After December 31, 2004
5-10.2-5-38. Public Employees' Retirement Fund; Benefit Increase Payable After December 31, 2005
5-10.2-5-39. Teachers' Retirement Fund; Benefit Increase Payable After December 31, 2005
5-10.2-5-40. Public Employees' Retirement Fund; Benefit Increase Payable After December 31, 2006
5-10.2-5-41. Teachers' Retirement Fund; Benefit Increase Payable After December 31, 2006
5-10.2-5-42. Teachers' Retirement Fund; Cost of Living Increase Payable After December 31, 2007
5-10.2-5-42.4. Public Employees' Retirement Fund; Increase Payable After December 31, 2007
5-10.2-5-43. Public Employees' Retirement Fund; Benefit Increase Payable After December 31, 2008
5-10.2-5-43.4. Teachers' Retirement Fund; Benefit Increase Payable After December 31, 2008