Pension increases payable after June 30, 1998

Sec. 26. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after June 30, 1998, to a member of the public employees' retirement fund or the Indiana state teachers' retirement fund or a survivor or beneficiary of a member of the public 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 be increased by two percent (2%); (2) after July 1, 1975, and before July 2, 1983, shall be increased 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 latest 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.45-1998, SEC.1.