Indiana § 36-8-8-18.1 - Members electing to transfer or being transferred to 1977 fund from PERF

§ 36-8-8-18.1. Members electing to transfer or being transferred to 1977 fund from PERF

Sec. 18.1. (a) As used in this section, "police officer" includes a former full-time, fully paid:

(1) town marshal;

(2) deputy town marshal;

(3) conservancy district marshal; or

(4) deputy conservancy district marshal;

who is employed as a police officer by a metropolitan board of police commissioners.

(b) If a unit, an airport authority, a school corporation, or a charter school becomes a participant in the 1977 fund and the unit, the airport authority, the school corporation, or the charter school previously covered police officers, firefighters, emergency medical technicians, or school resource officers in PERF, or if the employees of the unit become members of the 1977 fund under section 7(g) of this chapter, the following provisions apply:

(1) A minimum benefit applies to members electing to transfer or being transferred to the 1977 fund from PERF. The minimum benefit, payable at age fifty-two (52), for such a member equals the actuarial equivalent of the vested retirement benefit payable to the member upon normal retirement under IC 5-10.2-4-1 as of the day before the transfer, based solely on:

(A) creditable service;

(B) the average of the annual compensation; and

(C) the amount credited to the annuity savings account;

of the transferring member as of the day before the transfer under IC 5-10.2 and IC 5-10.3.

(2) The system board shall transfer from PERF to the 1977 fund the amount credited to the annuity savings accounts that is necessary for the purchase of service credit and the present value of benefits attributable to the transferring members.

(3) The amount the unit, the airport authority, the school corporation, or the charter school and the member must contribute to the 1977 fund under section 18 of this chapter, if any service credit is to be given under that section, will be reduced by the amounts transferred to the 1977 fund by the system board under subdivision (2).

(4) Credit for prior service in PERF of a member as a police officer, a firefighter, an emergency medical technician, or a school resource officer is waived in PERF. Any credit for that service under the 1977 fund shall only be given in accordance with section 18 of this chapter.

(5) Credit for prior service in PERF of a member, other than as a police officer, a firefighter, an emergency medical technician, or a school resource officer remains in PERF and may not be credited under the 1977 fund.

As added by P.L.4-1990, SEC.20. Amended by P.L.1-1991, SEC.215; P.L.101-1998, SEC.3; P.L.13-2011, SEC.21; P.L.35-2012, SEC.137; P.L.27-2019, SEC.31; P.L.102-2023, SEC.11; P.L.122-2023, SEC.31; P.L.170-2023, SEC.13; P.L.135-2024, SEC.12.