This text of Indiana § 36-8-8-8.3 (Purchase of military service credit) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
3.
(a)This section applies to a fund member
who, after June 30, 2009, completes service for which the 1977 fund
gives credit.
(b)A fund member may purchase and claim not more than two (2)
years of service credit for the fund member's service on active duty in
the armed services if the fund member meets the following conditions:
(1)The fund member has at least one (1) year of credited service
in the fund.
(2)The fund member serves on active duty in the armed services
of the United States for at least six (6) months.
(3)The fund member receives an honorable discharge from the
armed services.
(4)Before the fund member retires, the fund member makes
contributions to the fund as follows:
(A)Contributions that are equal to the product of the following:
(i)The salary of a first class patr
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3. (a) This section applies to a fund member
who, after June 30, 2009, completes service for which the 1977 fund
gives credit.
(b) A fund member may purchase and claim not more than two (2)
years of service credit for the fund member's service on active duty in
the armed services if the fund member meets the following conditions:
(1) The fund member has at least one (1) year of credited service
in the fund.
(2) The fund member serves on active duty in the armed services
of the United States for at least six (6) months.
(3) The fund member receives an honorable discharge from the
armed services.
(4) Before the fund member retires, the fund member makes
contributions to the fund as follows:
(A) Contributions that are equal to the product of the following:
(i) The salary of a first class patrolman or firefighter at the
time the fund member actually makes a contribution for the
service credit.
(ii) A rate, determined by the actuary of the 1977 fund, that
is based on the age of the fund member at the time the fund
member actually makes a contribution for service credit and
that is computed to result in a contribution amount that
approximates the actuarial present value of the retirement
benefit attributable to the service credit purchased.
(iii) The number of years of service credit the fund member
intends to purchase.
(B) Contributions for any accrued interest, at a rate determined
by the actuary of the 1977 fund, for the period from the fund
member's initial membership in the 1977 fund to the date
payment is made by the fund member.
(c) A fund member must have at least twenty (20) years of service
before a fund member may receive a benefit based on a service credit
purchased under this section. A fund member's years of service may not
exceed thirty-two (32) years with the inclusion of the service credit
purchased under this section.
(d) A fund member may not receive service credit under this
section:
(1) for service credit received under IC 36-8-5-7; or
(2) if the military service for which the fund member requests
credit also qualifies the fund member for a benefit in a military or
another governmental retirement system.
(e) A fund member who:
(1) terminates service before satisfying the eligibility
requirements necessary to receive a retirement benefit payment
from the 1977 fund; or
(2) receives a retirement benefit for the same service from another
retirement system, other than under the federal Social Security
Act;
may withdraw the fund member's contributions made under this section
plus accumulated interest after submitting to the fund a properly
completed application for a refund.
(f) The following apply to the purchase of service credit under this
section:
(1) The system board may allow a fund member to make periodic
payments of the contributions required for the purchase of the
service credit. The system board shall determine the length of the
period during which the payments must be made.
(2) The system board may deny an application for the purchase of
service credit if the purchase would exceed the limitations under
Section 415 of the Internal Revenue Code.
(3) A fund member may not claim the service credit for purposes
of determining eligibility or computing benefits unless the fund
member has made all payments required for the purchase of the
service credit.
(g) To the extent permitted by the Internal Revenue Code and
applicable regulations, the 1977 fund may accept, on behalf of a fund
member who is purchasing service credit under this section, a rollover
of a distribution from any of the following:
(1) A qualified plan described in Section 401(a) or Section 403(a)
of the Internal Revenue Code.
(2) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(3) An eligible plan that is maintained by a state, a political
subdivision of a state, or an agency or instrumentality of a state or
a political subdivision of a state under Section 457(b) of the
Internal Revenue Code.
(4) An individual retirement account or annuity described in
Section 408(a) or 408(b) of the Internal Revenue Code.
(h) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the 1977 fund may accept, on behalf of a fund
member who is purchasing service credit under this section, a trustee
to trustee transfer from any of the following:
(1) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(2) An eligible deferred compensation plan under Section 457(b)
of the Internal Revenue Code.