145.3213 Increasing benefit where benefit effective prior to 01-01-80.
145.3213 Increasing benefit where benefit effective prior to 01-01-80.
(A) As used in this section, “benefit” means an annual allowance, pension, or benefit paid pursuant to section 145.33, 145.34, 145.36, 145.37, 145.45, or 145.46 of the Revised Code, and includes any amounts paid pursuant to sections 145.323 and 145.332 of the Revised Code. “Benefit” does not include any amounts payable by reason of deposits to the employees’ savings fund pursuant to section 145.23 of the Revised Code.
(B) The public employees retirement system shall increase the benefit payable to each individual eligible to receive a benefit that became effective on or before December 31, 1979. The increase shall be effective on the first day of the month following the effective date of this section and be an amount determined by multiplying the benefit for which the individual was eligible on the last day of the month in which this section takes effect by the following percentages as determined by the calendar year in which the benefit became effective:
Calendar Year Effective Percentage of Increase
1955 and earlier 25.0
1956 28.3
1957 38.4
1958 23.2
1959 27.1
1960 28.2
1961 24.6
1962 27.9
1963 26.6
1964 30.1
1965 23.5
1966 25.5
1967 28.7
1968 21.9
1969 23.9
1970 21.5
1971 22.2
1972 22.4
1973 21.3
1974 21.1
1975 20.7
1976 20.6
1977 20.5
1978 13.5
1979 4.0
(C) An increase made pursuant to this section shall be included in the calculation of additional benefits under section 145.323 of the Revised Code.
Effective Date: 09-21-2000