§ 36-8-6-9 — Retirement benefits

(a) Benefits paid under this section are subject
to section 1.5 of this chapter.
(b) The 1925 fund shall be used to provide a member of the police
department who retires from active duty after twenty (20) or more years
of active duty an annual pension equal to fifty percent (50%) of the
salary of a first class patrolman in the police department, plus:
(1) for a member who retires before January 1, 1986, two percent
(2%) of the first class patrolman's salary for each year of service;
or
(2) for a member who retires after December 31, 1985, one
percent (1%) of the first class patrolman's salary for each six (6)
months of service;
of the retired member over twenty (20) years. However, the pension
may not exceed in any year an amount greater than seventy-four
percent (74%) of the salary of a first class patrolman. The pensions
shall be computed on an annual basis but shall be paid in not less than
twelve (12) equal monthly installments. If the salary of a first class
patrolman is increased or decreased, the pension payable shall be
proportionately increased or decreased.
(c) If a member voluntarily retires after twenty (20) or more years
of service, the member is entitled to retirement and the pension,
without reference to the member's physical condition at the time of
application. However, the member then relinquishes all rights to other
benefits or pensions for temporary disability. After retirement the
member is not required to render further services on the police
department, is no longer subject to the rules of the department, and may
not be deprived of other benefits under this chapter that may accrue to
the member or the member's dependents.
(d) To be retired based upon length of service, only the time served
by the member on the regularly constituted police department may be
computed. Time served by a member as a special police officer, a
merchant police officer, or a private police officer may not be
considered in computing length of service.
[Pre-Local Government Recodification Citation: 19-1-24-3
part.]
As added by Acts 1981, P.L.309, SEC.55. Amended by
P.L.342-1985, SEC.2; P.L.55-1989, SEC.50; P.L.231-1997, SEC.1;
P.L.127-2017, SEC.243.