Postretirement increase payable after December 31, 2002

Sec. 8. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2002, to a member of the fund (or to a survivor or beneficiary of a member of the fund) who retired or was disabled: (1) after July 1, 1995, and before July 2, 2000, shall be increased by one percent (1%); (2) after July 1, 1977, and before July 2, 1995, shall be increased by two percent (2%); and (3) before July 2, 1977, shall be increased by three percent (3%). (b) The increases specified in this section: (1) are based on 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. [Pre-2006 Education Finance Recodification Citation: 5-10.2-5-32.] As added by P.L.2-2006, SEC.28.