§ 5-10-12-5 — Calculation of deposits

The amount that shall be deposited on behalf
of a participating retired employee may not exceed five thousand
dollars ($5,000) and is based on:
(1) the hourly rate the employee was paid on the employee's
retirement date; and
(2) the following provisions concerning the employee's accrued
and unused vacation days, sick days, or personal days:
(A) An employee with at least ten (10) years of creditable
service but less than fifteen (15) years of creditable service is
entitled to an amount based on twenty percent (20%) of the
employee's accrued days.
(B) An employee with at least fifteen (15) years of creditable
service but less than twenty (20) years of creditable service is
entitled to an amount based on thirty-five percent (35%) of the
employee's accrued days.
(C) An employee with at least twenty (20) years of creditable
service is entitled to an amount based on not more than fifty
percent (50%) of the employee's accrued days.

Legislative History

As added by P.L.195-1999, SEC.8.