Indiana § 10-12-3-7 - Basic pension amount; additional benefits

§ 10-12-3-7. Basic pension amount; additional benefits

Sec. 7. (a) Benefits provided under this section are subject to IC 10-12-2-3.

(b) The basic monthly pension amount may not exceed by more than twenty dollars ($20) one-half (1/2) the amount of the employee beneficiary's average monthly wage (excluding payments for overtime and determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code) received during the highest paid consecutive twelve (12) months before retirement. Salary that exceeds the monthly wage received by a police employee in the grade of trooper at the beginning of the trooper's fourth year of service may not be considered when the basic pension amount is computed.

(c) An employee beneficiary in the active service of the department who has completed twenty (20) years of service after July 1, 1937, and who continues after July 1, 1937, in the service of the department is entitled to add to the basic monthly pension amount, at retirement, the following:

(1) Two percent (2%) of the basic amount for each of the next two (2) full years of service over twenty (20) years.

(2) Three percent (3%) of the basic amount for each of the next two (2) full years over twenty-two (22) years.

(3) Four percent (4%) of the basic amount for each of the next two (2) full years over twenty-four (24) years.

(4) Five percent (5%) of the basic amount for each of the next two (2) full years over twenty-six (26) years.

(5) Six percent (6%) of the basic amount for each of the next two (2) full years over twenty-eight (28) years.

(6) Seven percent (7%) of the basic amount for each of the next two (2) full years over thirty (30) years.

(7) Eight percent (8%) of the basic amount for each of the next two (2) full years over thirty-two (32) years.

However, the total of the additional amount may not exceed seventy percent (70%) of the basic pension amount. These additional benefits are subject to the compulsory retirement age provided by the pension trust.

[Pre-2003 Recodification Citation: 10-1-2.2-7.]

As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.1; P.L.201-2023, SEC.123.

IC 10-12-4Chapter 4. The State Police 1987 Benefit System

10-12-4-1Application of chapter; election of coverage 10-12-4-2Limitations on trust 10-12-4-3Retirement age 10-12-4-4Deductions from wages 10-12-4-5Years of service for full pension amount; proportionate amount; beginning of payments 10-12-4-6Right to net amount paid into fund from wages 10-12-4-7Basic monthly pension amount; additional benefits 10-12-4-8Increase in pension to certain individuals 10-12-4-9Benefit increase payable after June 30, 2007 10-12-4-10Benefit increase payable after June 30, 2008