CHAPTER 1. DEFINITIONS
IC 10-12
ARTICLE 12. STATE POLICE PENSIONS AND
BENEFITS
IC 10-12-1
Chapter 1. Definitions
IC 10-12-1-1
Applicability of definitions
Sec. 1. The definitions in this chapter apply throughout this
article.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-2
"Department"
Sec. 2. "Department" refers to the state police department
established by IC 10-11-2-4.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-3
"Eligible employee"
Sec. 3. "Eligible employee" means a regular police employee of
the department.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-4
"Employee beneficiary"
Sec. 4. "Employee beneficiary" means an eligible employee who:
(1) completes an application to become an employee
beneficiary; and
(2) makes or causes to be made the proper deductions from
wages as required by the pension trust.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-5
"Internal Revenue Code"
Sec. 5. "Internal Revenue Code":
(1) means the Internal Revenue Code of 1954, as in effect on
September 1, 1974, if permitted with respect to governmental
plans; or
(2) to the extent not inconsistent with subdivision (1), has the
meaning set forth in IC 6-3-1-11.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-6
"Net amount paid into the trust fund from the wages of an
employee beneficiary"
Sec. 6. "Net amount paid into the trust fund from the wages of an
employee beneficiary" means:
(1) the amount of money paid into the trust fund from the wages
of an employee beneficiary, plus interest at the rate of three
percent (3%) or more compounded annually; less
(2) any sums, plus interest at the same rate, paid from the trust
fund to:
(A) the employee beneficiary;
(B) any person claiming by, through, or under the employee
beneficiary; or
(C) any government fund for the credit or benefit of the
employee beneficiary.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-7
"Pension consultants"
Sec. 7. "Pension consultants" means an individual, a firm, or a
corporation of technical consultants competent and qualified to
supervise and assist in the establishment, maintenance, and operation
of a pension plan on an actuarially sound basis.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-8
"Pension trust"
Sec. 8. "Pension trust" means the agreement between the
department and the trustee under the terms of which an actuarially
sound retirement pension plan is established and operated for the
exclusive benefit of the employee beneficiaries subject to the
limitations specified in IC 10-12-2, IC 10-12-3, and IC 10-12-4.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-9
"Supplementary trust agreement"
Sec. 9. "Supplementary trust agreement" means an agreement that
has the force and effect of law between the department and the
trustee concerning the police benefit fund (as described in
IC 10-12-2-7).
As added by P.L.2-2003, SEC.3.
IC 10-12-1-10
"Trustee"
Sec. 10. "Trustee" refers to the trustee of the pension trust, who
may be:
(1) one (1) or more corporate trustees; or
(2) the treasurer of state serving under bond.
As added by P.L.2-2003, SEC.3.
IC 10-12-1-11
"Trust fund"
Sec. 11. "Trust fund" means the assets of the pension trust,
including the following:
(1) Contributions from the department.
(2) Contributions from employee beneficiaries.
(3) Any other payments or contributions made to the pension
trust.
(4) The income and proceeds derived from the investment of the
assets of the pension trust.
As added by P.L.2-2003, SEC.3.