CHAPTER 5. SUPPLEMENTAL PENSION BENEFITS
IC 10-12-5
Chapter 5. Supplemental Pension Benefits
IC 10-12-5-1
Intent of chapter
Sec. 1. This chapter is intended to be a supplement to IC 10-12-3
and does not repeal, impair, or otherwise adversely affect the pension
fund or pension benefits provided for in IC 10-12-3 for eligible
employees of the department.
As added by P.L.2-2003, SEC.3.
IC 10-12-5-2
Eligibility
Sec. 2. To become eligible for any supplemental benefits provided
in this chapter, an employee of the department must:
(1) be at least fifty-five (55) years of age;
(2) have completed at least twenty (20) years of service with the
department or be retired by virtue of becoming fifty-five (55)
years of age; and
(3) be eligible to receive retirement benefits under IC 10-12-3.
As added by P.L.2-2003, SEC.3.
IC 10-12-5-3
Administration; schedule of benefits; benefit calculation
Sec. 3. (a) The pension advisory board that administers the
pension under IC 10-12-3 shall direct and supervise the supplemental
benefits provided in this chapter.
(b) The pension advisory board shall:
(1) annually provide a schedule showing the number of retirees
receiving pension benefits under IC 10-12-3; and
(2) meet at least one (1) time each year to add to the regular
pension benefit or annuity and any previously granted
supplemental benefit the amount described in subsection (c) or
(d).
(c) This subsection applies only to a retiree who is eligible for the
first time under section 2 of this chapter to receive a supplemental
benefit. The supplemental benefit referred to in subsection (b)(2) for
a retiree in the first year the retiree is eligible for a supplemental
benefit is the sum of:
(1) the difference between:
(A) the retiree's pension benefit; and
(B) the pension benefit:
(i) received by an employee retiring in that year from the
department with twenty (20) years of active service; and
(ii) computed on the day the pension advisory board meets
as required under subsection (b)(2); plus
(2) any amount computed under subsection (d) after the date the
retiree reaches fifty-five (55) years of age.
(d) This subsection applies to a retiree who is eligible under
section 2 of this chapter to receive a supplemental benefit, but whose
supplemental benefit is not computed under subsection (c). The
supplemental benefit referred to in subsection (b)(2) is equal to fifty
percent (50%) of the difference between:
(1) the pension benefits to be received by an employee retiring
from the department with twenty (20) years of active service the
day after a change in the monthly wage received by a police
employee in the grade of trooper at the beginning of the
trooper's sixth year of service; and
(2) the pension benefit received by an employee retiring from
the department with twenty (20) years of active service the day
before a change in the monthly wage received by a police
employee in the grade of trooper at the beginning of the
trooper's sixth year of service.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.4;
P.L.5-2008, SEC.1.
IC 10-12-5-4
Incentive increases
Sec. 4. As an incentive to all employees of the department, the
supplemental pension benefits of this chapter shall be increased by
more than the increase provided in section 3(c) or 3(d) of this
chapter, at the rate of a five percent (5%) per year increase for each
year of active service over twenty (20) years up to thirty (30) years
of service, as calculated in section 3(c) or 3(d) of this chapter.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.5;
P.L.3-2008, SEC.84; P.L.5-2008, SEC.2; P.L.1-2009, SEC.89.
IC 10-12-5-5
Pension advisory board meetings; benefit funding
Sec. 5. (a) The pension advisory board may meet at any time to
make the necessary computations required by this chapter.
(b) The general assembly shall appropriate and the budget agency
shall make available an amount sufficient to provide the funds
necessary for supplemental pension benefits for eligible retirees
under this chapter.
As added by P.L.2-2003, SEC.3. Amended by P.L.189-2007, SEC.6.
IC 10-12-5-6
Treasurer of state; trustee of account
Sec. 6. The treasurer of state:
(1) is the trustee for the funds allocated to the supplemental
pension benefits; and
(2) shall keep the supplemental pension benefit funds in a
separate account that the treasurer of state may designate as the
state police department supplemental pension benefit fund.
As added by P.L.2-2003, SEC.3.
IC 10-12-5-7
Time of payment
Sec. 7. The supplemental pension benefits provided for in this
chapter shall be paid at the same time and along with the regular
pension benefits.
As added by P.L.2-2003, SEC.3.