Indiana § 36-8-7-8 Derivation of money in fund

Indiana Statutes

§ 36-8-7-8 — Derivation of money in fund

Indiana·Title 36 LOCAL GOVERNMENT·Art. 8 PUBLIC SAFETY·Ch. 7 1937 Firefighters' Pension Fund

The 1937 fund is derived from the following sources:

(1)From all money and other property that is given to the local board or 1937 fund for the uses and purposes for which the fund is created. The local board may take by gift, grant, devise, or bequest any money, personal property, real estate, or an interest in it. The gift, grant, devise, or bequest may be absolute or in fee simple or upon the condition that only the rents, income, or profits arising from it may be applied to the purposes for which the fund is established.

(2)All money, fees, rewards, or emoluments that are paid, given, devised, or bequeathed to the fire department or one (1) of the fire companies.

(3)All money accruing as interest on the securities or investments that are owned by and held in the name of the local bo

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The 1937 fund is derived from the following
sources:
(1) From all money and other property that is given to the local
board or 1937 fund for the uses and purposes for which the fund
is created. The local board may take by gift, grant, devise, or
bequest any money, personal property, real estate, or an interest
in it. The gift, grant, devise, or bequest may be absolute or in fee
simple or upon the condition that only the rents, income, or profits
arising from it may be applied to the purposes for which the fund
is established.
(2) All money, fees, rewards, or emoluments that are paid, given,
devised, or bequeathed to the fire department or one (1) of the fire
companies.
(3) All money accruing as interest on the securities or investments
that are owned by and held in the name of the local board.
(4) All money received by the local board from the sale or by the
maturity of securities or investments owned by the local board.
(5) An assessment made during the period of a member's
employment or for thirty-two (32) years, whichever is shorter, on
the salary of each member equal to six percent (6%) of the salary
of a fully paid first class firefighter. However, the employer may
pay all or a part of the assessment for the member. The secretary
of the fire department, or the person whose duty it is to make out
the payrolls, shall place on the payroll opposite the name of every
member the amount of assessment on the member's salary. The
unit's fiscal officer shall deduct monthly from the salary of every
member the sum listed opposite the member's name, other than
any amount paid on behalf of the member, and shall credit that
amount to the 1937 fund. Except to the extent the assessment is
paid on behalf of the member, every person who becomes a
member of the fire department is liable for the assessment and is
conclusively considered to agree to pay it by having it deducted
from the member's salary as required in this section.
(6) Appropriations that are made for the fund by the unit's fiscal
body.
[Pre-Local Government Recodification Citation: 19-1-37-11
part.]
As added by Acts 1981, P.L.309, SEC.57. Amended by Acts
1981, P.L.182, SEC.6; P.L.312-1989, SEC.2; P.L.127-2017,
SEC.250.