Sec. 0.1. The amendments made to section 15 of this chapter during the 2020 regular session of the general assembly apply only to a member who: (1) enters the DROP, before, on, or after June 30, 2020; and (2) dies after June 30, 2020. As added by P.L.145-2020, SEC.3.
As added by P.L.62-2002, SEC.5. Repealed by P.L.51-2006, SEC.5.
Sec. 1.5. This chapter expires for members of the 1925 fund, the 1937 fund, or the 1953 fund 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 […]
Sec. 10. A member who elects to enter the DROP shall agree to the following: (1) The member shall execute an irrevocable election to retire on the DROP retirement date and shall remain in active service until that date. (2) While in the DROP, the member shall continue to make contributions to the applicable fund […]
Sec. 11. The employer of a 1977 fund member who elects to enter the DROP shall continue to make the employer contributions to the 1977 fund on behalf of that member under the provisions of the 1977 fund. As added by P.L.62-2002, SEC.5.
Sec. 12. (a) The retirement benefit for a member who enters the DROP and retires on: (1) the member’s DROP retirement date; or (2) the date the member retires because of a disability as provided under section 16.5(d) of this chapter; is determined under this chapter rather than under the provisions of the applicable fund. […]
Sec. 13. (a) A cost of living adjustment to the monthly benefit of a member of the 1925 fund, 1937 fund, or 1953 fund is determined in STEP FOUR of the following formula: STEP ONE: Calculate a percentage by dividing: (A) the amount of any increase in the salary of a first class officer or […]
Sec. 14. (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) thirty-six (36) months after the member’s DROP entry date; (3) the mandatory retirement age applicable to the member, if any; or (4) the […]
Sec. 15. (a) If a member dies in the line of duty or other than in the line of duty while the member is in the DROP, benefits for the member’s survivors are calculated under the provisions of the applicable fund as follows: (1) If the member dies less than twelve (12) months after the […]
As added by P.L.62-2002, SEC.5. Repealed by P.L.148-2007, SEC.11.
Sec. 16.5. (a) This section applies to a member of the 1977 fund who becomes disabled after June 1, 2005, while the member is in the DROP, because of a disability that arose either in the line of duty or other than in the line of duty. (b) The retirement benefit for a member who […]
Sec. 17. (a) The ad valorem property tax levy limits imposed by IC 6-1.1-18.5 do not apply to ad valorem property taxes imposed by a civil taxing unit for a calendar year to pay pension benefits under section 12(c) of this chapter to the extent provided in subsection (b). (b) For purposes of determining the […]
Sec. 2. Except as provided in section 1.5 of this chapter, this chapter applies to a person who is a member of any of the following funds: (1) 1925 Police Pension Fund (IC 36-8-6) (referred to in this chapter as the 1925 fund). (2) 1937 Firefighters’ Pension Fund (IC 36-8-7) (referred to in this chapter […]
Sec. 3. As used in this chapter, “applicable fund” means the following: (1) For members of the 1925 fund, the 1925 fund. (2) For members of the 1937 fund, the 1937 fund. (3) For members of the 1953 fund, the 1953 fund. (4) For members of the 1977 fund, the 1977 fund. As added by […]
Sec. 4. As used in this chapter, “DROP” means the deferred retirement option plan established by this chapter. As added by P.L.62-2002, SEC.5.
Sec. 5. As used in this chapter, “DROP election” means a member’s election to enter the DROP. As added by P.L.62-2002, SEC.5.
Sec. 6. As used in this chapter, “DROP entry date” means the date that a member’s DROP election becomes effective. As added by P.L.62-2002, SEC.5.
Sec. 7. As used in this chapter, “DROP frozen benefit” means a member’s monthly retirement benefit calculated under the provisions of the applicable fund and based on: (1) the salary of a first class officer or firefighter that is in effect on the member’s DROP entry date; and (2) the member’s years of service accrued […]
Sec. 8. As used in this chapter, “DROP retirement date” means the future retirement date selected by a member at the time the member makes a DROP election. As added by P.L.62-2002, SEC.5.
Sec. 9. A member may make a DROP election as provided in this chapter only if the member is eligible to receive an unreduced benefit under the provisions of the applicable fund on the member’s DROP entry date. As added by P.L.62-2002, SEC.5.
