1. (a) In addition to the increase provided in IC 5-10.2-5-6 , the monthly benefit payable after June 30, 1978, to a member, or a survivor or beneficiary of a member who retired or was disabled:

   1. (1) before July 2, 1962, is increased by three percent (3%);
   2. (2) after July 1, 1962, and before July 2, 1967, is increased by two percent (2%); and
   3. (3) after July 1, 1967, and before July 2, 1972, is increased by one percent (1%).

2. (b) This section does not apply to benefits payable in a lump sum.

   [Pre-2006 Education Finance Recodification Citation: 21-6.1-6-6.]

As added by P.L.2-2006, SEC.28.