Indiana § 10-12-3-7 Basic pension amount; additional benefits

Indiana Statutes

§ 10-12-3-7 — Basic pension amount; additional benefits

Indiana·Title 10 PUBLIC SAFETY·Art. 12 STATE POLICE PENSIONS AND BENEFITS·Ch. 3 The State Police Pre-1987 Benefit System

(a)Benefits provided under this section are subject to IC 10-12-2-3.

(b)The basic monthly pension amount may not exceed by more than twenty dollars ($20) one-half (1/2) the amount of the employee beneficiary's average monthly wage (excluding payments for overtime and determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code) received during the highest paid consecutive twelve (12) months before retirement. Salary that exceeds the monthly wage received by a police employee in the grade of trooper at the beginning of the trooper's fourth year of service may not be considered when the basic pension amount is computed.

(c)An employee beneficiary in the active service of the department who has completed twenty (20) years of service

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(a) Benefits provided under this section are
subject to IC 10-12-2-3.
(b) The basic monthly pension amount may not exceed by more than
twenty dollars ($20) one-half (1/2) the amount of the employee
beneficiary's average monthly wage (excluding payments for overtime
and determined without regard to any salary reduction agreement
established under Section 125 of the Internal Revenue Code) received
during the highest paid consecutive twelve (12) months before
retirement. Salary that exceeds the monthly wage received by a police
employee in the grade of trooper at the beginning of the trooper's fourth
year of service may not be considered when the basic pension amount
is computed.
(c) An employee beneficiary in the active service of the department
who has completed twenty (20) years of service after July 1, 1937, and
who continues after July 1, 1937, in the service of the department is
entitled to add to the basic monthly pension amount, at retirement, the
following:
(1) Two percent (2%) of the basic amount for each of the next two
(2) full years of service over twenty (20) years.
(2) Three percent (3%) of the basic amount for each of the next
two (2) full years over twenty-two (22) years.
(3) Four percent (4%) of the basic amount for each of the next
two (2) full years over twenty-four (24) years.
(4) Five percent (5%) of the basic amount for each of the next two
(2) full years over twenty-six (26) years.
(5) Six percent (6%) of the basic amount for each of the next two
(2) full years over twenty-eight (28) years.
(6) Seven percent (7%) of the basic amount for each of the next
two (2) full years over thirty (30) years.
(7) Eight percent (8%) of the basic amount for each of the next
two (2) full years over thirty-two (32) years.
However, the total of the additional amount may not exceed seventy
percent (70%) of the basic pension amount. These additional benefits
are subject to the compulsory retirement age provided by the pension
trust.
[Pre-2003 Recodification Citation: 10-1-2.2-7.]