§ 36-8-7.5-10.5 — Use of certain amounts in 1953 fund

Indiana § 36-8-7.5-10.5

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

Text

5. (a) This section applies to a balance in
the 1953 fund that:
(1) accrued from property taxes;
(2) is not necessary to meet the pension, disability, and survivor
benefit payment obligations of the 1953 fund because of
amendments to IC 5-10.3-11-4.7 in 2008; and
(3) is determined under subsection (c).
(b) A local board may authorize the use of money in the 1953 fund
to pay any or all of the following:
(1) The costs of health insurance or other health benefits provided
to members, survivors, and beneficiaries of the 1953 fund.
(2) The consolidated city's employer contributions under IC 36-8-8-6.
(3) The contributions paid by the consolidated city for a member
under IC 36-8-8-8(a).
(c) The maximum amount that may be used under subsection (b) is
equal to the sum of the following:
(1) the unencumbered balance of the 1953 fund on December 31,
2008; plus
(2) the amount of property taxes:
(A) imposed for an assessment date before January 16, 2008,
for the benefit of the 1953 fund; and
(B) deposited in the 1953 fund after December 31, 2008.

Legislative History

As added by P.L.182-2009(ss), SEC.434.