Indiana Code 10-12-3-6. Old age retirements; right to monthly income; minimum service for full amount
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Indiana Code 10-12-3-6
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
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.
[Pre-2003 Recodification Citation: 10-1-2.2-6.]
As added by P.L.2-2003, SEC.3.