§ 36-8-8-11 — Computation of retirement benefits; actuarially reduced benefits

(a) Benefits paid under this section are subject
to section 2.5 of this chapter.
(b) This subsection applies to a fund member who retires before
July 1, 2019. Each fund member who qualifies for a retirement benefit
payment under section 10(b) of this chapter is entitled to receive a
monthly benefit equal to fifty percent (50%) of the monthly salary of
a first class patrolman or firefighter in the year the member ended the
member's active service plus:
(1) for a member who retires before January 1, 1986, two percent
(2%) of that salary for each full year of active service; or
(2) for a member who retires after December 31, 1985, one
percent (1%) of that salary for each six (6) months of active
service;
over twenty (20) years, to a maximum of twelve (12) years.
(c) This subsection applies to a fund member who retires after June
30, 2019. Each fund member who qualifies for a retirement benefit
payment under section 10(b) of this chapter is entitled to receive a
monthly benefit equal to fifty-two percent (52%) of the monthly salary
of a first class patrolman or firefighter in the year the member ended
the member's active service plus one percent (1%) of that salary for
each six (6) months of active service over twenty (20) years, to a
maximum of twelve (12) years.
(d) This subsection applies to a fund member who retires before
July 1, 2019. Each fund member who qualifies for a retirement benefit
payment under section 10(c) of this chapter is entitled to receive a
monthly benefit equal to fifty percent (50%) of the monthly salary of
a first class patrolman or firefighter in the year the member ended the
member's active service plus one percent (1%) of that salary for each
six (6) months of active service over twenty (20) years, to a maximum
of twelve (12) years, all actuarially reduced for each month (if any) of
benefit payments prior to fifty-two (52) years of age, by a factor
established by the fund's actuary from time to time.
(e) This subsection applies to a fund member who retires after June
30, 2019. Each fund member who qualifies for a retirement benefit
payment under section 10(c) of this chapter is entitled to receive a
monthly benefit equal to fifty-two percent (52%) of the monthly salary
of a first class patrolman or firefighter in the year the member ended
the member's active service plus one percent (1%) of that salary for
each six (6) months of active service over twenty (20) years, to a
maximum of twelve (12) years, all actuarially reduced for each month
(if any) of benefit payments prior to fifty-two (52) years of age, by a
factor established by the fund's actuary from time to time.
[Pre-Local Government Recodification Citations:
19-1-17.8-9; 19-1-36.5-9.]
As added by Acts 1981, P.L.309, SEC.59. Amended by
P.L.342-1985, SEC.6; P.L.55-1989, SEC.62; P.L.22-1998, SEC.20;
P.L.99-2010, SEC.12; P.L.42-2011, SEC.84; P.L.146-2019,
SEC.1.