§ 36-8-7.5-10 — Insufficient pension fund; estimates; statement; tax levy

Indiana § 36-8-7.5-10

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 8: PUBLIC SAFETY
• Ch. 7.5: 1953 Police Pension Fund (Indianapolis)

Text

(a) If the local board determines that the
total amount of money available for a year will be insufficient to pay
the benefits, pensions, and retirement allowances the local board is
obligated to pay under this chapter, the local board shall, before the
date on which the budget of the police special service district is
adopted, prepare an itemized estimate in the form prescribed by the
state board of accounts of the amount of money that will be receipted
into and disbursed from the 1953 fund during the next fiscal year. The
estimated receipts consist of the items enumerated in section 8 of this
chapter. The estimated disbursements consist of an estimate of the
amount of money that will be needed by the local board during the next
fiscal year to defray the expenses and obligations incurred and that will
be incurred by the local board in making the payments prescribed by
this chapter to retired members, to members who are eligible and
expect to retire during the ensuing fiscal year, and to the dependents of
deceased members.
(b) At the time when the estimates are prepared and submitted, the
local board shall also prepare and submit a certified statement showing:
(1) the estimated number of beneficiaries from the 1953 fund
during the ensuing fiscal year in each of the various
classifications of beneficiaries as prescribed in this chapter, and
the names and amount of benefits being paid to those actively on
the list of beneficiaries at that time;
(2) the name, age, and length of service of each member of the
police department who is eligible to and expects to retire during
the ensuing fiscal year, and the monthly and yearly amounts of the
payment that the member will be entitled to receive; and
(3) the name and age of each dependent of a member of the police
department who is then receiving benefits, the date on which the
dependent commenced drawing benefits, and the date on which
the dependent will cease to be a dependent by reason of attaining
the age limit prescribed by this chapter, and the monthly and
yearly amounts of the payments to which each of the dependents
is entitled.
(c) After the amounts of receipts and disbursements shown in the
itemized estimate are fixed and approved by the executive, fiscal
officer, legislative body and other bodies, as provided by law for other
municipal funds, the total receipts shall be deducted from the total
expenditures stated in the itemized estimate, and the amount of the
excess shall be paid by the police special service district in the same
manner as other expenses of the district are paid. The legislative body
shall levy a tax and the money derived from the levy shall, when
collected, be credited exclusively to the 1953 fund, including the
payments described in section 10.5 of this chapter. The tax shall be
levied in the amount and at the rate that is necessary to produce
sufficient revenue to equal the deficit. Notwithstanding any other law,
the department of local government finance may not reduce the tax
levy.
As added by Acts 1982, P.L.77, SEC.9. Amended by
P.L.90-2002, SEC.490; P.L.1-2003, SEC.101; P.L.224-2007, SEC.126;
P.L.146-2008, SEC.779; P.L.182-2009(ss), SEC.433; P.L.257-2019,
SEC.151.