Public employees' retirement fund; pension increases payable after December 31, 2003

Sec. 33. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2003, to a member of the public employees' retirement fund (or to a survivor or beneficiary of a member of the public employees' retirement fund) who retired or was disabled before January 1, 2003, 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 (or to 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 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.190-2003, SEC.3.