(a)This section does not apply to a
participant who becomes permanently disabled, as described in section
17 of this chapter.
(b)A participant who:
(1)applies for a retirement benefit; and
(2)is at least:
(A)sixty-five (65) years of age; or
(B)fifty-five (55) years of age and the participant's age in years
plus the participant's years of service is at least eighty-five (85);
is entitled to an annual retirement benefit as calculated in subsection
(c).
(c)Except as provided in subsections (d), (e), and (f), the amount of
the annual retirement benefit to which a participant described in
subsection (b) is entitled equals the product of:
(1)the highest annual salary that was paid to the participant
before separation from service; multiplied by
(2)the percentage prescribed in the follow
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(a) This section does not apply to a
participant who becomes permanently disabled, as described in section
17 of this chapter.
(b) A participant who:
(1) applies for a retirement benefit; and
(2) is at least:
(A) sixty-five (65) years of age; or
(B) fifty-five (55) years of age and the participant's age in years
plus the participant's years of service is at least eighty-five (85);
is entitled to an annual retirement benefit as calculated in subsection
(c).
(c) Except as provided in subsections (d), (e), and (f), the amount of
the annual retirement benefit to which a participant described in
subsection (b) is entitled equals the product of:
(1) the highest annual salary that was paid to the participant
before separation from service; multiplied by
(2) the percentage prescribed in the following table:
If a participant has a partial year of service in addition to at least eight
(8) full years of service, an additional percentage is calculated under
this subsection by prorating between the applicable percentages, based
on the number of months in the partial year of service.
(d) Except as provided in subsections (e) and (f), and section
19(c)(2)(B) of this chapter, a participant who:
(1) applies for a retirement benefit; and
(2) is not described in subsection (b);
is entitled to receive a reduced annual retirement benefit that equals the
benefit that would be payable if the participant were sixty-five (65)
years of age reduced by one-fourth percent (0.25%) for each month that
the participant's age at retirement precedes the participant's sixty-fifth
birthday.
(e) Except as provided in subsection (f), benefits payable to a
participant under this section are reduced by the pension, if any, that:
(1) the participant is receiving from the public employees'
retirement fund, if the participant is receiving a pension from the
public employees' retirement fund on the date of the participant's
retirement from the prosecuting attorneys retirement fund; or
(2) would be payable to the participant from the public employees'
retirement fund if the participant had retired from the public
employees' retirement fund on the date of the participant's
retirement from the prosecuting attorneys retirement fund, if the
participant is not receiving a pension from the public employees'
retirement fund on the date of the participant's retirement from the
prosecuting attorneys retirement fund.
Benefits payable to a participant under this section are not reduced by
annuity payments made to the participant from the public employees'
retirement fund or by postretirement increases to the pension, if any,
that the participant is receiving from the public employees' retirement
fund. A participant to whom subdivision (2) applies is entitled to a
recalculation of the benefits payable to the participant under this
section after the participant has begun receiving a pension from the
public employees' retirement fund based on the actual amount of the
pension that the participant is receiving from the public employees'
retirement fund.
(f) This subsection applies to a participant who is a member of the
public employees' defined contribution plan established by IC 5-10.3-12-18. Benefits payable to a participant under this section are
reduced by the pension portion of the retirement benefit, if any, that
would be payable to the participant from the public employees'
retirement fund if the participant:
(1) had not made an election under IC 5-10.3-12-20 to become a
member of the public employees' defined contribution plan; and
(2) had retired from the public employees' retirement fund on the
date of the participant's retirement from the prosecuting attorneys
retirement fund.
(g) If benefits payable from the public employees' retirement fund
exceed the benefits payable from the prosecuting attorneys retirement
fund, the participant is entitled at retirement to withdraw from the
prosecuting attorneys retirement fund the total sum contributed plus
interest at a rate specified by rule by the board.
[Pre-2004 Recodification Citation: 33-14-9-14.]