CHAPTER 3. THE STATE POLICE PRE-1987 BENEFIT SYSTEM
IC 10-12-3
Chapter 3. The State Police Pre-1987 Benefit System
IC 10-12-3-1
Application of chapter
Sec. 1. This chapter applies only to an employee beneficiary who:
(1) is hired for the first time before July 1, 1987; and
(2) does not choose coverage by IC 10-12-4 under IC 10-12-4-1.
As added by P.L.2-2003, SEC.3.
IC 10-12-3-2
Limitations on pension trust
Sec. 2. The pension trust for employee beneficiaries covered by
this chapter is subject to the limitations specified in this chapter.
As added by P.L.2-2003, SEC.3.
IC 10-12-3-3
Retirement age
Sec. 3. (a) The normal retirement age for a regular police
employee of the department may not be later than seventy (70) years
of age.
(b) The department may not enforce a mandatory retirement age
against its civilian employees.
As added by P.L.2-2003, SEC.3.
IC 10-12-3-4
Deductions from wages
Sec. 4. The monthly deductions from the employee beneficiary's
wages for the trust fund may not exceed six percent (6%) of the
employee beneficiary's average monthly wages (excluding payments
for overtime and determined without regard to any salary reduction
agreement established under Section 125 of the Internal Revenue
Code).
As added by P.L.2-2003, SEC.3.
IC 10-12-3-5
Right to net amount paid into fund from wages
Sec. 5. If an employee beneficiary ceases to be an eligible
employee for any reason, including death, disability, unemployment,
or retirement:
(1) the employee beneficiary;
(2) the employee beneficiary's beneficiary; or
(3) the employee beneficiary's estate;
is entitled to receive at least the net amount paid into the trust fund
from the wages of the employee beneficiary, either in a lump sum or
in monthly installments not less than the basic pension amount.
As added by P.L.2-2003, SEC.3.
IC 10-12-3-6
Old age retirements; right to monthly income; minimum service
for full amount
Sec. 6. If an employee beneficiary is retired for old age, the
employee beneficiary is entitled to receive a lifelong monthly income
as specified in section 7 of this chapter. However, to be entitled to
the full amount of the basic pension amount, an employee
beneficiary must have completed at least twenty (20) years of service
to the department before retirement. Otherwise, the employee
beneficiary is entitled to receive a proportionate pension based on the
employee beneficiary's years of service to the department.
As added by P.L.2-2003, SEC.3.
IC 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 sixth 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.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.1.