Indiana § 10-12-5-3 Administration; schedule of benefits; benefit calculation

Indiana Statutes

§ 10-12-5-3 — Administration; schedule of benefits; benefit calculation

Indiana·Title 10 PUBLIC SAFETY·Art. 12 STATE POLICE PENSIONS AND BENEFITS·Ch. 5 Supplemental Pension Benefits

(a)The pension advisory board that administers the pension under IC 10-12-3 shall direct and supervise the supplemental benefits provided in this chapter.

(b)The pension advisory board shall:

(1)annually provide a schedule showing the number of retirees receiving pension benefits under IC 10-12-3; and

(2)meet at least one (1) time each year to add to the regular pension benefit or annuity and any previously granted supplemental benefit the amount described in subsection (c) or

(d).

(c)This subsection applies only to a retiree who is eligible for the first time under section 2 of this chapter to receive a supplemental benefit. The supplemental benefit referred to in subsection (b)(2) for a retiree in the first year the retiree is eligible for a supplemental benefit is the sum of:

(1)t

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(a) The pension advisory board that
administers the pension under IC 10-12-3 shall direct and supervise the
supplemental benefits provided in this chapter.
(b) The pension advisory board shall:
(1) annually provide a schedule showing the number of retirees
receiving pension benefits under IC 10-12-3; and
(2) meet at least one (1) time each year to add to the regular
pension benefit or annuity and any previously granted
supplemental benefit the amount described in subsection (c) or
(d).
(c) This subsection applies only to a retiree who is eligible for the
first time under section 2 of this chapter to receive a supplemental
benefit. The supplemental benefit referred to in subsection (b)(2) for
a retiree in the first year the retiree is eligible for a supplemental
benefit is the sum of:
(1) the difference between:
(A) the retiree's pension benefit; and
(B) the pension benefit:
(i) received by an employee retiring in that year from the
department with twenty (20) years of active service; and
(ii) computed on the day the pension advisory board meets as
required under subsection (b)(2); plus
(2) any amount computed under subsection (d) after the date the
retiree reaches fifty-five (55) years of age.
(d) This subsection applies to a retiree who is eligible under section
2 of this chapter to receive a supplemental benefit, but whose
supplemental benefit is not computed under subsection (c). The
supplemental benefit referred to in subsection (b)(2) is equal to fifty
percent (50%) of the difference between:
(1) the pension benefits to be received by an employee retiring
from the department with twenty (20) years of active service the
day after a change in the monthly wage received by a police
employee in the grade of trooper at the beginning of the trooper's
fourth year of service; and
(2) the pension benefit received by an employee retiring from the
department with twenty (20) years of active service the day before
a change in the monthly wage received by a police employee in
the grade of trooper at the beginning of the trooper's fourth year
of service.
[Pre-2003 Recodification Citation: 10-1-2.6-3.]

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