§ 36-8-7.5-8 — Sources of fund

Indiana § 36-8-7.5-8

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

Text

The 1953 fund is derived from the following
sources:
(1) From money or other property that is given to the local board
for the use of the fund. The local board may take by gift, grant,
devise, or bequest any money, chose in action, personal property,
real property, or use the same for the purposes of the 1953 fund
or for such purposes specified by the grantor.
(2) From money, fees, and awards of every nature that are given
to the police department of the municipality or to a member of the
department because of service or duty performed by the
department or a member. This includes fines imposed by the
safety board against a member of the department, all money from
gambling cases and from gambling devices as well as the
proceeds from the sale of lost, stolen, and confiscated property
recovered or taken into possession by members of the police
department in the performance of their duties and confiscated by
court order, and sold at a public sale in accordance with law.
(3) From 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 whom the local board has accepted and
designated as a beneficiary of the 1953 fund, an amount equal to
six percent (6%) of the salary of a first class patrolman. However,
the employer may pay all or a part of the assessment for the
member.
(4) From the income from investments of the 1953 fund.
(5) From the proceeds of a tax levied by the police special service
district upon taxable property in the district, which the treasurer
shall collect and credit to the 1953 fund, to be used exclusively by
the 1953 fund, including the payments described in section 10.5
of this chapter.
As added by Acts 1982, P.L.77, SEC.9. Amended by
P.L.312-1989, SEC.3; P.L.182-2009(ss), SEC.432; P.L.127-2017,
SEC.255.