145.3212 Increasing benefit where benefit became effective in 1977 or earlier. - Ohio Statutes

145.3212 Increasing benefit where benefit became effective in 1977 or earlier.

(A) As used in this section, “benefit” means an annual allowance, pension, or benefit paid pursuant to section 145.33, 145.34, 145.36, 145.361, 145.37, 145.45, or 145.46 of the Revised Code, and includes any amount paid pursuant to section 145.323 of the Revised Code. “Benefit” does not include any amount payable by reason of deposits made pursuant to section 145.23 of the Revised Code.

(B) On June 30, 1996, the public employees retirement board shall increase the benefit payable on that date to each individual eligible to receive a benefit that became effective before December 31, 1995. The increase shall be an amount determined by multiplying the benefit for which the individual was eligible on December 31, 1995, by the following percentages as determined by the calendar year in which the benefit became effective:

Calendar Year Effective Per Cent of Increase

1954 and earlier 3.0

1955 17.1

1956 6.3

1957 3.0

1958 3.0

1959 3.0

1960 6.7

1961 3.9

1962 4.6

1963 6.1

1964 7.4

1965 11.3

1966 17.8

1967 18.0

1968 18.3

1969 19.3

1970 17.1

1971 24.1

1972 27.3

1973 22.4

1974 12.0

1975 6.7

1976 2.8

1977 0.4

(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: 09-27-1996