§ 10-12-4-5 — Years of service for full pension amount; proportionate amount; beginning of payments

(a) An employee beneficiary who has
completed twenty-five (25) years of service with the department is
entitled to the full amount of the basic pension amount specified in
section 7 of this chapter.
(b) An employee beneficiary who has completed less than
twenty-five (25) years of service is entitled to a proportionate amount
of the basic pension amount specified in section 7 of this chapter, based
upon the employee beneficiary's years of service to the department.
However, benefit payments to an employee beneficiary with less than
twenty-five (25) years of service may not begin until the first day of the
month on or after the date on which:
(1) the employee beneficiary becomes fifty (50) years of age; or
(2) the employee beneficiary retires;
whichever is later.
[Pre-2003 Recodification Citation: 10-1-2.3-5.]

Legislative History

As added by P.L.2-2003, SEC.3.