1. (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. (1) after July 1, 1983, and before July 2, 1995, shall be increased by two percent (2%);
   2. (2) after July 1, 1975, and before July 2, 1983, shall be increased by three percent (3%); and
   3. (3) before July 2, 1975, shall be increased by four percent (4%).

2. (b) The increases specified in this section:

   1. (1) shall be based upon the date of the member's latest retirement or disability;
   2. (2) do not apply to benefits payable in a lump sum; and
   3. (3) are in addition to any other increase provided by law.

As added by P.L.45-1998, SEC.1.