§ 36-8-8.5-14 — DROP exit date

Indiana § 36-8-8.5-14

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 8: PUBLIC SAFETY
• Ch. 8.5: Deferred Retirement Option Plan (DROP)

Text

(a) Subject to subsection (b), a member who
enters the DROP established by this chapter shall exit the DROP at the
earliest of:
(1) the member's DROP retirement date;
(2) either:
(A) thirty-six (36) months after the member's DROP entry date,
if the member:
(i) executes an election described in section 10 of this chapter
before July 1, 2024; and
(ii) does not execute an extension described in section 10.5
of this chapter; or
(B) sixty (60) months after the member's DROP entry date, if
the member:
(i) executes an election described in section 10 of this chapter
after June 30, 2024; or
(ii) executes an extension described in section 10.5 of this
chapter;
(3) the mandatory retirement age applicable to the member, if
any; or
(4) the date the member retires because of a disability as provided
under section 16.5(d) of this chapter.
(b) A member of the 1925 fund, the 1937 fund, or the 1953 fund
who enters the DROP established by this chapter must exit the DROP
on the date the authority of the board of trustees of the Indiana public
retirement system to distribute from the pension relief fund established
under IC 5-10.3-11-1 to units of local government (described in IC 5-10.3-11-3) amounts determined under IC 5-10.3-11-4.7 expires.

Legislative History

As added by P.L.62-2002, SEC.5. Amended by P.L.51-2006, SEC.3; P.L.148-2007, SEC.5; P.L.177-2011, SEC.4; P.L.35-2012, SEC.143; P.L.145-2020, SEC.4; P.L.156-2020, SEC.147; P.L.129-2024, SEC.12; P.L.136-2024, SEC.58.