Sec. 10. (a) Benefits provided under this section are subject to section 2.5 of this chapter.
(b) The annual retirement allowance of a participant, payable in equal monthly installments beginning on the participant's normal retirement date, shall be a percentage of the participant's average annual salary, such percentage to be twenty-five percent (25%) increased by one and two-thirds percent (1 2/3%) of the participant's average annual salary for each completed year of creditable service more than ten (10) years. However, the annual retirement allowance computed under this subsection may not exceed seventy-five percent (75%) of the participant's average annual salary.
(c) The annual retirement allowance shall cease with the last monthly payment prior to the death of the participant.
Formerly: Acts 1972, P.L.1, SEC.1. As amended by P.L.55-1989, SEC.3; P.L.180-2007, SEC.4; P.L.128-2008, SEC.3.
Structure Indiana Code
Title 5. State and Local Administration
Article 10. Public Employee Benefits
5-10-5.5-2. Creation; Investment of Plan Assets
5-10-5.5-2.5. Qualification of Plan Under Internal Revenue Code
5-10-5.5-3. Management; Confidentiality of Retirement Plan Records
5-10-5.5-3.5. Administration of Retirement Plan Consistent With Americans With Disabilities Act
5-10-5.5-4. Participants' Saving Fund; Creation
5-10-5.5-5. Participants; Eligibility
5-10-5.5-6. Transfer of Funds to Savings Fund
5-10-5.5-7. Transfer of Creditable Service; Credit During Disability
5-10-5.5-7.5. Purchase of Service Credit Earned in Certain Indiana Public Retirement Funds
5-10-5.5-8. Contributions; Rate; Payroll Deductions; Employer Pick-Up of Contributions
5-10-5.5-8.5. Submission of Contributions, Reports, and Records Electronically
5-10-5.5-9. Retirement Provisions
5-10-5.5-10. Retirement Allowance
5-10-5.5-12. Early Retirement Allowance; Monthly Installments
5-10-5.5-13. Permanent or Temporary Disability
5-10-5.5-14. Disability Occurring Before July 1, 1987; Allowance; Monthly Installments; Cessation
5-10-5.5-15. Surviving Mothers, Fathers, Spouses, or Unmarried Children; Eligibility for Benefits
5-10-5.5-16. Survivors' Benefits; Death Before February 1, 2018; Amount
5-10-5.5-16.3. Survivors' Benefits; Other Than Line of Duty Death After January 31, 2018; Amount
5-10-5.5-16.6. Survivors' Benefits; Line of Duty Death After January 31, 2018; Amount
5-10-5.5-17. Lump Sum Refund of Contributions or Payments
5-10-5.5-18. Termination of Service Before Accumulating 15 Years of Creditable Service
5-10-5.5-19. Public Employees Retirement Fund Law; Applicability
5-10-5.5-21. Increase in Monthly Benefits