1. (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. (1) after July 1, 1995, and before July 2, 2000, shall be increased by one percent (1%);
   2. (2) after July 1, 1977, and before July 2, 1995, shall be increased by two percent (2%); and
   3. (3) before July 2, 1977, shall be increased by three percent (3%).

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

   1. (1) are based on 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.

      [Pre-2006 Education Finance Recodification Citation: 5-10.2-5-32.]

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