1. (a) The pension portion (plus postretirement increases to the pension portion) provided by employer contributions of the monthly benefit payable after December 31, 2008, to a member of the Indiana state teachers' retirement fund (or to a survivor or beneficiary of a member of the Indiana state teachers' retirement fund) who retired or was disabled:

   1. (1) before July 2, 2000, shall be increased by two percent (2%); and
   2. (2) after July 1, 2000, and before July 2, 2006, shall be increased by one percent (1%).

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

   1. (1) are 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.124-2008, SEC.3.