CHAPTER 5.5. EXCISE POLICE AND CONSERVATION ENFORCEMENT OFFICERS' RETIREMENT PLAN
IC 5-10-5.5
Chapter 5.5. Excise Police and Conservation EnforcementOfficers' Retirement Plan
IC 5-10-5.5-1
Definitions
Sec. 1. As used in this chapter and unless the context clearlydenotes otherwise:
(a) "Department" means the Indiana department of naturalresources.
(b) "Commission" means the alcohol and tobacco commission.
(c) "Officer" means any Indiana state excise police officer, anyIndiana state conservation enforcement officer, any gaming agent, orany gaming control officer.
(d) "Participant" means any officer who has elected to participatein the retirement plan created by this chapter.
(e) "Salary" means the total compensation, exclusive of expenseallowances, paid to any officer by the department or the commission,determined without regard to any salary reduction agreementestablished under Section 125 of the Internal Revenue Code.
(f) "Average annual salary" means the average annual salary of anofficer during the five (5) years of highest annual salary in the ten(10) years immediately preceding an officer's retirement date,determined without regard to any salary reduction agreementestablished under Section 125 of the Internal Revenue Code.
(g) "Public employees' retirement act" means IC 5-10.3.
(h) "Public employees' retirement fund" means the publicemployees' retirement fund created by IC 5-10.3-2.
(i) "Interest" means the same rate of interest as is specified underthe public employees' retirement law.
(j) "Americans with Disabilities Act" refers to the Americans withDisabilities Act (42 U.S.C. 12101 et seq.) and any amendments andregulations related to the Act.
(k) Other words and phrases when used in this chapter shall, forthe purposes of this chapter, have the meanings respectively ascribedto them as set forth in IC 5-10.3-1.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.25-1986,SEC.27; P.L.5-1992, SEC.3; P.L.4-1992, SEC.5; P.L.204-2001,SEC.10; P.L.170-2005, SEC.11; P.L.227-2007, SEC.51.
IC 5-10-5.5-2
Creation
Sec. 2. There is hereby created a state excise police, gamingagent, gaming control officer, and conservation enforcement officers'retirement plan to establish a means of providing special retirement,disability and survivor benefits to employees of the department, theIndiana gaming commission, and the commission who are engagedexclusively in the performance of law enforcement duties.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.170-2005,SEC.12; P.L.227-2007, SEC.52.
IC 5-10-5.5-2.5
Qualification of plan under Internal Revenue Code
Sec. 2.5. (a) As used in this chapter, "Internal Revenue Code":
(1) means the Internal Revenue Code of 1954, as in effect onSeptember 1, 1974, if permitted with respect to governmentalplans; or
(2) to the extent not inconsistent with subdivision (1), has themeaning set forth in IC 6-3-1-11.
(b) The state excise police, gaming agent, gaming control officer,and conservation officers' retirement plan shall satisfy thequalification requirements in Section 401 of the Internal RevenueCode, as applicable to the retirement plan. In order to meet thoserequirements, the retirement plan is subject to the followingprovisions, notwithstanding any other provision of this chapter:
(1) The board shall distribute the corpus and income of theretirement plan to participants and their beneficiaries inaccordance with this chapter.
(2) No part of the corpus or income of the retirement plan maybe used or diverted to any purpose other than the exclusivebenefit of the participants and their beneficiaries.
(3) Forfeitures arising from severance of employment, death, orfor any other reason may not be applied to increase the benefitsany participant would otherwise receive under this chapter.
(4) If the retirement plan is terminated, or if all contributions tothe retirement plan are completely discontinued, the rights ofeach affected participant to the benefits accrued at the date ofthe termination or discontinuance, to the extent then funded, arenonforfeitable.
(5) All benefits paid from the retirement plan shall bedistributed in accordance with the requirements of Section401(a)(9) of the Internal Revenue Code and the regulationsunder that section. In order to meet those requirements, theretirement plan is subject to the following provisions:
(A) The life expectancy of a participant, the participant'sspouse, or the participant's beneficiary shall not berecalculated after the initial determination, for purposes ofdetermining benefits.
(B) If a participant dies before the distribution of theparticipant's benefits has begun, distributions to beneficiariesmust begin no later than December 31 of the calendar yearimmediately following the calendar year in which theparticipant died.
(C) The amount of an annuity paid to a participant'sbeneficiary may not exceed the maximum determined underthe incidental death benefit requirement of the InternalRevenue Code.
(6) The board may not:
(A) determine eligibility for benefits;
(B) compute rates of contribution; or
(C) compute benefits of participants or beneficiaries; in a manner that discriminates in favor of participants who areconsidered officers, supervisors, or highly compensated, asprohibited under Section 401(a)(4) of the Internal RevenueCode.
(7) Benefits paid under this chapter may not exceed themaximum benefit specified by Section 415 of the InternalRevenue Code.
(8) The salary taken into account under this chapter may notexceed the applicable amount under Section 401(a)(17) of theInternal Revenue Code.
(9) The board may not engage in a transaction prohibited bySection 503(b) of the Internal Revenue Code.
As added by P.L.55-1989, SEC.1. Amended by P.L.170-2005,SEC.13; P.L.227-2007, SEC.53.
IC 5-10-5.5-3
Management; confidentiality of retirement plan records
Sec. 3. (a) The management administration of the retirement plancreated by this chapter is hereby vested in the board of trustees of thepublic employees' retirement fund.
(b) Records of individual participants in the retirement plancreated by this chapter and participants' information are confidential,except for the name and years of service of a retirement planparticipant.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.94-2004,SEC.3.
IC 5-10-5.5-3.5
Administration of retirement plan consistent with Americans withDisabilities Act
Sec. 3.5. The state excise police, gaming agent, gaming controlofficer, and conservation enforcement officers' retirement plan shallbe administered in a manner that is consistent with the Americanswith Disabilities Act, to the extent required by the Act.
As added by P.L.4-1992, SEC.6. Amended by P.L.170-2005, SEC.14;P.L.227-2007, SEC.54.
IC 5-10-5.5-4
Participants' saving fund; creation
Sec. 4. (a) A participants' savings fund is hereby created. Thisfund shall be maintained by the board as a trust fund, separate anddistinct from all other entities for the purpose of securing payment ofbenefits to participants and their surivors, as hereinafter provided.
(b) The participants' savings fund shall consist of the following:
(1) each participant's contributions to the fund;
(2) all gifts, grants, devises and bequests in money, property, orother form which may be made to the fund;
(3) all interest on investments or on deposits of the fund;
(4) all contributions or payments to the fund made in anymanner provided by the General Assembly, including
appropriations from the general fund of the state; and
(5) any funds transferred to the fund from the public employees'retirement fund under the provisions of section 6 of thischapter.
(Formerly: Acts 1972, P.L.1, SEC.1.)
IC 5-10-5.5-5
Participants; eligibility
Sec. 5. (a) Every person who is an officer on September 2, 1971,shall become a participant, unless the officer files a written notice ofhis election not to participate with the board within twenty (20) daysprior to September 2, 1971.
(b) Every person who becomes an officer after September 2, 1971shall become a participant as a condition of his employment.
(c) Any officer who elects not to become a participant shallthereafter be forever ineligible to become a participant.
(Formerly: Acts 1972, P.L.1, SEC.1.)
IC 5-10-5.5-6
Transfer of funds to savings fund
Sec. 6. (a) Upon election to become a participant by any officerwho is a member of the public employees' retirement fund, the boardshall transfer all funds standing to the credit of the electing officer inthe public employees' retirement fund to the participants' savingsfund created by this chapter.
(b) Except as otherwise provided in this chapter, a transfer offunds under the provisions of subsection (a) of this sectionconstitutes a full and complete discharge of all of the rights of theelecting officer under the public employees' retirement fund.
(Formerly: Acts 1972, P.L.1, SEC.1.)
IC 5-10-5.5-7
Transfer of creditable service; credit during disability
Sec. 7. (a) Upon election to become a participant by any officerwho is a member of the public employees' retirement fund, the boardshall transfer all creditable service standing to the credit of theelecting officer under the public employees' retirement fund to thecredit of the electing officer under the retirement plan created by thischapter.
(b) Creditable service under this chapter, including credit formilitary service, shall accrue and be computed and credited toparticipants in the same manner and in the same amount as creditableservice accrues, is computed and credited under the publicemployees' retirement law.
(c) In addition to creditable service computed under subsection(b), a participant is entitled to receive creditable service under thischapter for the time the participant receives disability benefits undera disability plan established under IC 5-10-8-7.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.180-2007,SEC.1.
IC 5-10-5.5-7.5
Purchase of service credit earned in certain Indiana publicretirement funds
Sec. 7.5. (a) As used in this section, "board" refers to the board oftrustees of the public employees' retirement fund established byIC 5-10.3-3-1.
(b) As used in this section, "public retirement fund" referscollectively to:
(1) the public employees' retirement fund (IC 5-10.3);
(2) the Indiana state teachers' retirement fund (IC 5-10.4);
(3) the state police pension trust (IC 10-12); and
(4) the 1977 police officers' and firefighters' pension anddisability fund (IC 36-8-8).
(c) Subject to this section, a participant may purchase servicecredit for the participant's prior service in a position covered by apublic retirement fund.
(d) To purchase the service credit described in subsection (c), aparticipant must meet the following requirements:
(1) The participant has at least one (1) year of creditable servicein the retirement plan created by this chapter.
(2) The participant has not attained vested status in and is notan active participant in the public retirement fund from whichthe participant is purchasing the service credit.
(3) Before the participant retires, the participant makescontributions to the retirement plan created by this chapter asfollows:
(A) Contributions that are equal to the product of thefollowing:
(i) The participant's salary at the time the participantactually makes a contribution for the service credit.
(ii) A rate, determined by the actuary for the retirementplan created by this chapter, based on the age of theparticipant at the time the participant actually makes acontribution for service credit and computed to result in acontribution amount that approximates the actuarialpresent value of the benefit attributable to the servicecredit purchased.
(iii) The number of years of service credit the participantintends to purchase.
(B) Contributions for any accrued interest, at a ratedetermined by the actuary for the retirement plan created bythis chapter, for the period from the participant's initialparticipation in the retirement plan created by this chapter tothe date payment is made by the participant.
(e) At the request of the participant purchasing service creditunder this section, the amount a participant is required to contributeunder subsection (d)(3) may be reduced by a trustee to trusteetransfer from a public retirement fund in which the participant has anaccount that contains amounts attributable to member contributions(plus any credited earnings) to the retirement plan created by this
chapter. The participant may direct the transfer of an amount only tothe extent necessary to fund the service purchase under subsection(d)(3). The participant shall complete any forms required by thepublic retirement fund from which the participant is requesting atransfer or the retirement plan created by this chapter before thetransfer is made.
(f) At least ten (10) years of service in the retirement plan createdby this chapter is required before a participant may receive a benefitbased on service credit purchased under this section.
(g) A participant who:
(1) terminates employment before satisfying the eligibilityrequirements necessary to receive an annual retirementallowance; or
(2) receives an annual retirement allowance for the same servicefrom another tax supported governmental retirement plan otherthan under the federal Social Security Act;
may withdraw the purchase amount plus accumulated interest aftersubmitting a properly completed application for a refund to theretirement plan created by this chapter.
(h) The following may apply to the purchase of service creditunder this section:
(1) The board may allow a participant to make periodicpayments of the contributions required for the purchase of theservice credit. The board shall determine the length of theperiod during which the payments must be made.
(2) The board may deny an application for the purchase ofservice credit if the purchase would exceed the limitationsunder Section 415 of the Internal Revenue Code.
(3) A participant may not claim the service credit for purposesof determining eligibility for a benefit or computing benefitsunless the participant has made all payments required for thepurchase of the service credit.
(i) To the extent permitted by the Internal Revenue Code andapplicable regulations, the retirement plan created by this chaptermay accept, on behalf of a participant who is purchasing permissiveservice credit under this chapter, a rollover of a distribution from anyof the following:
(1) A qualified plan described in Section 401(a) or Section403(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 politicalsubdivision of a state, or an agency or instrumentality of a stateor political subdivision of a state under Section 457(b) of theInternal Revenue Code.
(4) An individual retirement account or annuity described inSection 408(a) or Section 408(b) of the Internal Revenue Code.
(j) To the extent permitted by the Internal Revenue Code andapplicable regulations, the retirement plan created by this chaptermay accept, on behalf of a participant who is purchasing permissive
service credit under this chapter, a trustee to trustee transfer from anyof 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 Section457(b) of the Internal Revenue Code.
As added by P.L.180-2007, SEC.2.
IC 5-10-5.5-8
Contributions; rate; payroll deductions; employer pick-up ofcontributions
Sec. 8. (a) Except as provided in subsection (c), every participantshall contribute four percent (4%) of the participant's annual salaryto the participants' savings fund.
(b) Contributions shall be made in the form of payroll deductionsfrom each and every payment of salary received by the participant.Every participant shall, as a condition precedent to becoming aparticipant, consent to the payroll deductions.
(c) An employer may pay all or a part of the contributions for theparticipant. All contributions made by an employer under thissubsection shall be treated as pick-up contributions under Section414(h)(2) of the Internal Revenue Code.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.180-2007,SEC.3.
IC 5-10-5.5-9
Retirement provisions
Sec. 9. (a) Except as provided in subsection (b), every participantis required to retire on the first day of the month following theparticipant's sixty-fifth birthday.
(b) An officer who becomes a participant after becoming fifty (50)years of age is required to retire on the earlier of:
(1) the first day of the month following the participant'ssixty-fifth birthday; or
(2) the first day of the month following the completion offifteen (15) years of service.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.38-1986,SEC.1; P.L.55-1987, SEC.1; P.L.55-1989, SEC.2; P.L.128-2008,SEC.2.
IC 5-10-5.5-10
Retirement allowance
Sec. 10. (a) Benefits provided under this section are subject tosection 2.5 of this chapter.
(b) The annual retirement allowance of a participant, payable inequal monthly installments beginning on the participant's normalretirement date, shall be a percentage of the participant's averageannual salary, such percentage to be twenty-five percent (25%)increased by one and two-thirds percent (1 2/3%) of the participant'saverage annual salary for each completed year of creditable service
more than ten (10) years. However, the annual retirement allowancecomputed under this subsection may not exceed seventy-five percent(75%) of the participant's average annual salary.
(c) The annual retirement allowance shall cease with the lastmonthly payment prior to the death of the participant.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.55-1989,SEC.3; P.L.180-2007, SEC.4; P.L.128-2008, SEC.3.
IC 5-10-5.5-11
Early retirement
Sec. 11. (a) Any participant who has attained the age of forty-five(45) years and has accrued at least fifteen (15) years of creditableservice may retire and become eligible for benefits as provided insection 12(a) of this chapter.
(b) If:
(1) a participant is at least fifty-five (55) years of age; and
(2) the sum of the participant's years of creditable service andage in years equals at least eighty-five (85);
the participant may retire and become eligible for benefits asprovided in section 12(b) of this chapter.
(c) A participant who:
(1) is at least fifty (50) years of age; and
(2) has accrued at least twenty-five (25) years of creditableservice;
may retire and become eligible for benefits under section 12(b) ofthis chapter.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.10-1995,SEC.2; P.L.180-2007, SEC.5.
IC 5-10-5.5-12
Early retirement allowance; monthly installments
Sec. 12. (a) The amount of annual retirement allowance payablein equal monthly installments to a participant who retires undersection 11(a) of this chapter (relating to early retirement) shall bedetermined in accordance with section 10 of this chapter (relating tonormal retirement). However, the amount of annual retirementallowance otherwise payable upon early retirement shall be reducedby one-quarter percent (1/4%) for each full month that the date ofearly retirement precedes the attainment of the participant's sixtiethbirthday.
(b) The amount of annual retirement allowance payable in equalmonthly installments to a participant who retires under section 11(b)or 11(c) of this chapter (relating to early retirement) shall bedetermined in accordance with section 10 of this chapter (relating tonormal retirement).
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.10-1995,SEC.3; P.L.180-2007, SEC.6; P.L.3-2008, SEC.23.
IC 5-10-5.5-12.5
Repealed (Repealed by P.L.25-1994, SEC.12.)
IC 5-10-5.5-12.7
Determinations by board of trustees; impairment standards;transcripts, reports, records, and other materials
Sec. 12.7. (a) Upon a petition from a participant, the department,or the commission, the board of trustees of the public employees'retirement fund, or its designee, shall make the determinationsrequired by section 13 of this chapter and shall also determine:
(1) the degree of impairment of any officer determined to havea disability; and
(2) whether the disability arose in the line of duty (as defined insection 13.5 of this chapter).
(b) The impairment standards contained in the United StatesDepartment of Veterans Affairs Schedule for Rating Disabilities ineffect at the time the application for disability benefits is filed withthe board of trustees shall be used to determine the degree ofimpairment.
(c) To the extent required by the Americans with Disabilities Act,the transcripts, reports, records, and other material generated as aresult of a hearing, a review, or an appeal conducted under thischapter to determine the existence of a disability, the cause of adisability, or the degree of impairment shall be:
(1) kept in separate medical files for each member; and
(2) treated as confidential medical records.
As added by P.L.56-1987, SEC.2. Amended by P.L.1-1990, SEC.57;P.L.4-1992, SEC.7; P.L.25-1994, SEC.1; P.L.99-2007, SEC.12.
IC 5-10-5.5-13
Permanent or temporary disability
Sec. 13. Any participant who becomes permanently or temporarilydisabled from performing all suitable and available work on the forcefor which he is or may be capable of becoming qualified, consideringreasonable accommodation to the extent required by the Americanswith Disabilities Act, shall be entitled to disability benefits in theamount provided by this chapter. Benefits may not be provided underthis section for any disability:
(1) resulting from an intentionally self-inflicted injury orattempted suicide while sane or insane;
(2) resulting from the member's commission or attemptedcommission of a felony; or
(3) which begins within two (2) years after a member's entry orreentry into active service on the force and which was caused orcontributed to by a mental or physical condition whichmanifested itself before the member entered or reentered activeservice.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by Acts 1981,P.L.48, SEC.1; P.L.56-1987, SEC.3; P.L.4-1992, SEC.8.
IC 5-10-5.5-13.5
Disability occurring after June 30, 1987; presumption for line ofduty disability; monthly benefits
Sec. 13.5. (a) This section applies to participants whose disabilityoccurred after June 30, 1987.
(b) Benefits provided under this section are subject to section 2.5of this chapter.
(c) As used in this section, a disability is to be considered to havearisen in the line of duty if the disability is the direct result of:
(1) a personal injury that occurs while the participant is on duty;or
(2) a personal injury that occurs while the participant is off dutyand responding to an offense or an emergency or a reportedoffense or emergency;
or if the disability is presumed incurred in the line of duty underIC 5-10-13.
(d) A participant whose disability arose in the line of duty isentitled to a monthly benefit equal to the participant's monthly salaryon the date of disability multiplied by the degree of impairment(expressed as a percentage impairment of the person as a whole).However, the monthly benefit under this subsection must be at least:
(1) twenty percent (20%) of the participant's monthly salary onthe date of the disability if the participant has more than five (5)years of service; or
(2) ten percent (10%) of the participant's monthly salary on thedate of the disability if the participant has five (5) or feweryears of service.
(e) A participant whose disability did not arise in the line of dutyis entitled to a monthly benefit equal to one-half (1/2) of theparticipant's monthly salary on the date of disability multiplied by thedegree of impairment (expressed as a percentage of the person as awhole). However, the monthly benefit under this subsection must beat least:
(1) ten percent (10%) of the participant's monthly salary on thedate of the disability if the participant has more than five (5)years of service; or
(2) five percent (5%) of the participant's monthly salary on thedate of the disability if the participant has five (5) or feweryears of service.
(f) A participant who is receiving a disability benefit undersubsection (d) is entitled:
(1) to receive a disability benefit for the remainder of theparticipant's life; and
(2) to have the participant's benefit recomputed under section 10of this chapter (relating to normal retirement) when theparticipant becomes sixty (60) years of age.
As added by P.L.56-1987, SEC.4. Amended by P.L.55-1989, SEC.4;P.L.185-2002, SEC.1; P.L.180-2007, SEC.7.
IC 5-10-5.5-14
Disability occurring before July 1, 1987; allowance; monthlyinstallments; cessation
Sec. 14. (a) Benefits provided under this section are subject tosection 2.5 of this chapter.
(b) This subsection applies to participants who were disabledbefore July 1, 1987. Any participant eligible to receive disabilitybenefits under section 13 of this chapter is entitled to an annualdisability allowance payable in equal monthly installments and equalto a percentage of his average annual salary determined inaccordance with the provisions of section 10(a) of this chapter(relating to normal retirement).
(c) Payment of disability benefits shall begin with the month nextsucceeding the month in which the participant is determined to bedisabled and shall cease:
(1) with the last payment prior to the participant's death; or
(2) with the last payment before the time the participant is nolonger disabled;
whichever occurs first. However, after becoming forty-five (45)years of age, a participant receiving a disability benefit may requestthat the disability benefit payments cease and that any retirementbenefit for which the participant is eligible begin.
(d) If a member receives disability or retirement benefits fromanother state funded pension fund, he is not entitled to receivedisability benefits under this section.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by Acts 1977,P.L.2, SEC.4; Acts 1981, P.L.48, SEC.2; P.L.56-1987, SEC.5;P.L.55-1989, SEC.5; P.L.41-1991, SEC.1.
IC 5-10-5.5-15
Surviving mothers, fathers, spouses, or unmarried children;eligibility for benefits
Sec. 15. Surviving mothers, fathers, surviving spouses orunmarried children under the age of eighteen (18) years, ofparticipants who have accrued at least fifteen (15) years of creditableservice and who die, shall be entitled to receive survivors' benefits inthe amount hereinafter provided. Survivor's benefits shall be paid tosuch of the above enumerated persons as the participant shallnominate by written direction duly acknowledged and filed with theboard.
(Formerly: Acts 1972, P.L.1, SEC.1; Acts 1975, P.L.21, SEC.2.)
IC 5-10-5.5-16
Survivors benefits; amount
Sec. 16. (a) Benefits provided under this section are subject tosection 2.5 of this chapter.
(b) A surviving mother or father nominated by the participant toreceive survivors' benefits under the provisions of this chapter shallbe entitled to an annual survivors' allowance for life equal to fiftypercent (50%) of the amount the participant would have been entitled
to if he had retired.
(c) A surviving spouse nominated by the participant to receivesurvivors' benefits under the provisions of this chapter shall beentitled to an annual survivors' allowance equal to fifty percent(50%) of the amount the participant would have been entitled to if heor she had retired. In the case of a surviving spouse who is more thanfive (5) years younger than the deceased participant at the time of theparticipant's death, the amount of the annual survivors' allowanceshall be reduced actuarially, without regard to the sex of the spouseor the participant. In all cases the survivors' allowance to a survivingspouse shall cease with the last payment prior to the survivingspouse's death.
(d) A surviving child eligible and nominated by the participant toreceive survivors' benefits under the provisions of this chapter shallbe entitled to an annual survivors' allowance equal to fifty percent(50%) of the amount the participant would have been entitled to if hehad retired. If more than one (1) surviving child is eligible andnominated to receive survivors' benefits, the annual allowance shallbe divided equally between or among such children. In all cases, thesurvivors' allowance to a child shall cease when the child attains theage of eighteen (18) years or marries, whichever occurs first. Wherea survivors' allowance is divided between or among more than one(1) child, and payments to one (1) or more children cease, the totalannual allowance payable shall be divided evenly among or betweensuch of the remaining children who are eligible therefor.
(e) In the event that no nomination is made by an eligibleparticipant, or in the event that the nominated survivor predeceasesthe participant and no contingent survivor is nominated and aneligible participant dies, no survivors' allowance shall be payable. Insuch case, the board shall make a lump sum payment to the estate ofthe deceased participant equal to the total of all funds standing to thecredit of the participant in the participant's savings fund plusaccumulated interest thereon.
(f) A survivor's allowance under this section that was terminatedbecause of a surviving spouse's remarriage shall be reinstated on July1, 1997, and continue during the life of the surviving spouse.
(Formerly: Acts 1972, P.L.1, SEC.1; Acts 1975, P.L.21, SEC.3.) Asamended by P.L.55-1989, SEC.6; P.L.40-1997, SEC.1.
IC 5-10-5.5-17
Lump sum refund of contributions or payments
Sec. 17. Any participant whose employment as an officer isterminated before accumulating fifteen (15) years of creditableservice and before attaining the age of forty-five (45) years shall beentitled to a lump-sum refund of all contributions standing to hiscredit in the participants' savings fund plus accumulated interestthereon.
(b) If a participant dies before accumulating fifteen (15) years ofcreditable service, all contributions standing to his credit in theparticipants' savings fund plus the accumulated interest thereon shall
be paid by the board to the person the participant shall nominate bywritten direction duly acknowledged and filed with the board. Thepayment may be in the form of a lump sum or a series of payments,at the discretion of the board.
(c) If a participant dies before accumulating fifteen (15) years ofcreditable service and has nominated no beneficiary, or in the eventthat the participant's nominee predeceases him, all contributionsstanding to his credit in the participants' savings fund, plusaccumulated interest thereon shall be paid by the board to the estateof the deceased participant. The payment may be in the form of alump sum or a series of payments, at the discretion of the board.
(d) If a participant terminates his employment after accumulatingfifteen (15) years of creditable service, but before becoming eligiblefor any benefits under this chapter, no refund of contributions andinterest shall be allowed. In such case, the participant's contributionsshall be retained by the board until the participant becomes eligiblefor benefits. At that time, benefits shall be paid to, or on behalf of theparticipant in the same manner and in the same amount as all similarbenefits are paid.
(Formerly: Acts 1972, P.L.1, SEC.1.)
IC 5-10-5.5-18
Termination of service before accumulating 15 years of creditableservice
Sec. 18. Any participant who terminates his service as an officerbefore accumulating fifteen (15) years of creditable service may, inthe manner and under the conditions provided in the publicemployees' retirement law, again become a member of the publicemployees' retirement fund. Upon payment of contributions andinterest required by the board, the withdrawing participant shall beentitled to transfer creditable service standing to his credit under thischapter to his credit under the public employees' retirement law.
(Formerly: Acts 1972, P.L.1, SEC.1.)
IC 5-10-5.5-19
Public employees retirement fund law; applicability
Sec. 19. The retirement plan created by this chapter shall, in allrespects to the extent applicable and except as otherwise specificallyenumerated in this chapter, be governed by the law creating thepublic employees' retirement fund, and for that purpose, theprovisions of IC 5-10.3 are hereby incorporated into this chapter byreference.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.25-1986,SEC.28.
IC 5-10-5.5-20
Old age and survivors benefits; supplemental retirement benefits;rights and liabilities not affected
Sec. 20. Participation in the retirement plan created by thischapter shall not affect the participant's rights and liabilities under
the provisions of IC 5-10.1, IC 5-10.2, and IC 5-10.3.
(Formerly: Acts 1972, P.L.1, SEC.1.) As amended by P.L.25-1986,SEC.29.
IC 5-10-5.5-21
Increase in monthly benefits
Sec. 21. (a) Except as provided in subsection (d), the monthlybenefit payable after June 30, 1987, to a participant, or a survivor orbeneficiary of a participant, who retired or was disabled before July2, 1986, shall be increased by an amount determined by the board.The board shall determine the amount for each participant, survivor,and beneficiary so that the monthly benefit is increased by one-half(1/2) the amount that the monthly benefit would have been increasedif the participant had been a member of the public employees'retirement fund on the date of retirement or disability.
(b) Except as provided in subsection (d), the monthly benefitpayable after June 30, 1988, to a participant, or a survivor orbeneficiary of a participant, who retired or was disabled before July2, 1987, shall be increased by an amount determined by the board.The board shall determine the amount for each participant, survivor,and beneficiary so that the monthly benefit is increased to the amountthat the monthly benefit would have equaled if the participant hadbeen a member of the public employees' retirement fund on the dateof retirement or disability.
(c) Except as provided in subsection (d), the monthly benefitpayable after June 30, 1989, to participants, survivors, andbeneficiaries shall be increased by the same percentages and underthe same conditions as monthly benefits are increased underIC 5-10.2-5 for members of the public employees' retirement fundand their survivors and beneficiaries.
(d) This section is applicable only if the general assemblyprovides sufficient funding for the increased cost of the benefitsprovided by this section.
As added by P.L.56-1987, SEC.6. Amended by P.L.4-1990, SEC.4.
IC 5-10-5.5-22
Deferred retirement option plan
Sec. 22. (a) As used in this section, "DROP" refers to a deferredretirement option plan established under this section.
(b) As used in this section, "DROP entry date" means the date thata participant's election to enter a DROP becomes effective.
(c) As used in this section, "DROP frozen benefit" refers to anannual retirement allowance computed under section 10 of thischapter based on a participant's:
(1) average annual salary; and
(2) years of creditable service;
on the date the participant enters the DROP.
(d) As used in this section, "DROP retirement date" means thefuture retirement date selected by a participant at the time theparticipant elects to enter the DROP. (e) Only a participant who is eligible to receive an unreducedannual retirement allowance immediately upon termination ofemployment may elect to enter a DROP. A participant who elects toenter the DROP must agree to the following:
(1) The participant shall execute an irrevocable election to retireon the DROP retirement date and must remain in active serviceuntil that date.
(2) While in the DROP, the participant shall continue to makecontributions under section 8 of this chapter.
(3) The participant shall select a DROP retirement date not lessthan twelve (12) months and not more than thirty-six (36)months after the participant's DROP entry date.
(4) The participant may not remain in the DROP after the datethe participant reaches the mandatory retirement age undersection 9 of this chapter.
(5) The participant may make an election to enter the DROPonly once in the participant's lifetime.
(f) Contributions or payments provided by the general assemblyunder section 4(b)(4) of this chapter continue for a participant whilethe participant is in the DROP.
(g) A participant shall exit the DROP on the earliest of thefollowing:
(1) The participant's DROP retirement date.
(2) Thirty-six (36) months after the participant's DROP entrydate.
(3) The participant's mandatory retirement age.
(4) The date the participant retires because of a disability asprovided by subsection (k).
(h) A participant who retires on the participant's DROP retirementdate or on the date the participant retires because of a disability asprovided by subsection (k) may elect to receive an annual retirementallowance:
(1) computed under section 10 of this chapter as if theparticipant had never entered the DROP; or
(2) consisting of:
(A) the DROP frozen benefit; plus
(B) an additional amount, paid as the participant elects undersubsection (i), determined by multiplying:
(i) the DROP frozen benefit; by
(ii) the number of months the participant was in theDROP.
(i) The participant shall elect, at the participant's retirement, toreceive the additional amount calculated under subsection (h)(2)(B)in one (1) of the following ways:
(1) A lump sum paid on:
(A) the participant's DROP retirement date; or
(B) the date the participant retires because of a disability asprovided by subsection (k).
(2) Three (3) equal annual payments:
(A) commencing on: (i) the participant's DROP retirement date; or
(ii) the date the participant retires because of a disabilityas provided by subsection (k); and
(B) thereafter paid on:
(i) the anniversary of the participant's DROP retirementdate; or
(ii) the date the participant retires because of a disabilityas provided by subsection (k).
(j) A cost of living increase determined under section 21(c) of thischapter does not apply to the additional amount calculated undersubsection (h)(2)(B) at the participant's DROP retirement date or thedate the participant retires because of a disability as provided bysubsection (k). No cost of living increase is applied to a DROPfrozen benefit while the participant is in the DROP. After theparticipant's DROP retirement date or the date the participant retiresbecause of a disability as provided by subsection (k), cost of livingincreases determined under section 21(c) of this chapter apply to theparticipant's annual retirement allowance computed under thissection.
(k) If a participant becomes disabled, in the line of duty or otherthan in the line of duty while in the DROP, the participant's annualretirement allowance is computed as follows:
(1) If the participant retires because of a disability less thantwelve (12) months after the date the participant enters theDROP, the participant's annual retirement allowance iscalculated as if the participant had never entered the DROP.
(2) If the participant retires because of a disability at leasttwelve (12) months after the date the participant enters theDROP, the participant's annual retirement allowance iscalculated under this section, and the participant's retirementdate is the date the member retires because of a disability ratherthan the participant's DROP retirement date.
(l) If, before payment of the participant's annual retirementallowance begins, the participant dies in the line of duty or other thanin the line of duty, death benefits are payable as follows:
(1) The benefit calculated under subsection (h)(2)(B) is paid ina lump sum to the participant's surviving spouse. If there is nosurviving spouse, the lump sum must be divided equally amongthe participant's surviving children. If there are no survivingchildren, the lump sum is paid to the participant's parents. Ifthere are no surviving parents, the lump sum is paid to theparticipant's estate.
(2) A benefit is paid on the DROP frozen benefit under theterms of the retirement plan created by this chapter.
(m) Except as provided under subsections (k) and (l), the annualretirement allowance for a participant who exits the DROP for anyreason other than retirement on the participant's DROP retirementdate is calculated as if the participant had never entered the DROP.
As added by P.L.128-2008, SEC.4.