CHAPTER 5. SUPPLEMENTAL PENSION BENEFITS

IC 10-12-5
    Chapter 5. Supplemental Pension Benefits

IC 10-12-5-1
Intent of chapter
    Sec. 1. This chapter is intended to be a supplement to IC 10-12-3and does not repeal, impair, or otherwise adversely affect the pensionfund or pension benefits provided for in IC 10-12-3 for eligibleemployees of the department.
As added by P.L.2-2003, SEC.3.

IC 10-12-5-2
Eligibility
    Sec. 2. To become eligible for any supplemental benefits providedin this chapter, an employee of the department must:
        (1) be at least fifty-five (55) years of age;
        (2) have completed at least twenty (20) years of service with thedepartment or be retired by virtue of becoming fifty-five (55)years of age; and
        (3) be eligible to receive retirement benefits under IC 10-12-3.
As added by P.L.2-2003, SEC.3.

IC 10-12-5-3
Administration; schedule of benefits; benefit calculation
    Sec. 3. (a) The pension advisory board that administers thepension under IC 10-12-3 shall direct and supervise the supplementalbenefits provided in this chapter.
    (b) The pension advisory board shall:
        (1) annually provide a schedule showing the number of retireesreceiving pension benefits under IC 10-12-3; and
        (2) meet at least one (1) time each year to add to the regularpension benefit or annuity and any previously grantedsupplemental benefit the amount described in subsection (c) or(d).
    (c) This subsection applies only to a retiree who is eligible for thefirst time under section 2 of this chapter to receive a supplementalbenefit. The supplemental benefit referred to in subsection (b)(2) fora retiree in the first year the retiree is eligible for a supplementalbenefit is the sum of:
        (1) the difference between:
            (A) the retiree's pension benefit; and
            (B) the pension benefit:
                (i) received by an employee retiring in that year from thedepartment with twenty (20) years of active service; and
                (ii) computed on the day the pension advisory board meetsas required under subsection (b)(2); plus
        (2) any amount computed under subsection (d) after the date theretiree reaches fifty-five (55) years of age.
    (d) This subsection applies to a retiree who is eligible undersection 2 of this chapter to receive a supplemental benefit, but whose

supplemental benefit is not computed under subsection (c). Thesupplemental benefit referred to in subsection (b)(2) is equal to fiftypercent (50%) of the difference between:
        (1) the pension benefits to be received by an employee retiringfrom the department with twenty (20) years of active service theday after a change in the monthly wage received by a policeemployee in the grade of trooper at the beginning of thetrooper's sixth year of service; and
        (2) the pension benefit received by an employee retiring fromthe department with twenty (20) years of active service the daybefore a change in the monthly wage received by a policeemployee in the grade of trooper at the beginning of thetrooper's sixth year of service.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.4;P.L.5-2008, SEC.1.

IC 10-12-5-4
Incentive increases
    Sec. 4. As an incentive to all employees of the department, thesupplemental pension benefits of this chapter shall be increased bymore than the increase provided in section 3(c) or 3(d) of thischapter, at the rate of a five percent (5%) per year increase for eachyear of active service over twenty (20) years up to thirty (30) yearsof service, as calculated in section 3(c) or 3(d) of this chapter.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.5;P.L.3-2008, SEC.84; P.L.5-2008, SEC.2; P.L.1-2009, SEC.89.

IC 10-12-5-5
Pension advisory board meetings; benefit funding
    Sec. 5. (a) The pension advisory board may meet at any time tomake the necessary computations required by this chapter.
    (b) The general assembly shall appropriate and the budget agencyshall make available an amount sufficient to provide the fundsnecessary for supplemental pension benefits for eligible retireesunder this chapter.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.6.

IC 10-12-5-6
Treasurer of state; trustee of account
    Sec. 6. The treasurer of state:
        (1) is the trustee for the funds allocated to the supplementalpension benefits; and
        (2) shall keep the supplemental pension benefit funds in aseparate account that the treasurer of state may designate as thestate police department supplemental pension benefit fund.
As added by P.L.2-2003, SEC.3.

IC 10-12-5-7
Time of payment
    Sec. 7. The supplemental pension benefits provided for in this

chapter shall be paid at the same time and along with the regularpension benefits.
As added by P.L.2-2003, SEC.3.