Sec. 16. (a) This section does not apply to a participant who becomes permanently disabled, as described in section 17 of this chapter.

     (b) A participant who:

Terms Used In Indiana Code 33-39-7-16

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 33-39-7-3
  • fund: refers to the prosecuting attorneys retirement fund established by this chapter. See Indiana Code 33-39-7-5
  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
  • participant: means a person serving in a position described in section 8 of this chapter who is participating in the fund. See Indiana Code 33-39-7-6
  • salary: means the salary paid to a participant by the state, determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code. See Indiana Code 33-39-7-7
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) applies for a retirement benefit; and

(2) is at least:

(A) sixty-five (65) years of age; or

(B) fifty-five (55) years of age and the participant’s age in years plus the participant’s years of service is at least eighty-five (85);

is entitled to an annual retirement benefit as calculated in subsection (c).

     (c) Except as provided in subsections (d), (e), and (f), the amount of the annual retirement benefit to which a participant described in subsection (b) is entitled equals the product of:

(1) the highest annual salary that was paid to the participant before separation from service; multiplied by

(2) the percentage prescribed in the following table:

 

Participant’s Years

of Service

Less than 8

Percentage

 

 

 

0

 

 

 8

 

24%

 

 

 9

 

27%

 

 

10

 

30%

 

 

11

 

33%

 

 

12

 

50%

 

 

13

 

51%

 

 

14

 

52%

 

 

15

 

53%

 

 

16

 

54%

 

 

17

 

55%

 

 

18

 

56%

 

 

19

 

57%

 

 

20

 

58%

 

 

21

 

59%

 

 

22 or more

60%

If a participant has a partial year of service in addition to at least eight (8) full years of service, an additional percentage is calculated under this subsection by prorating between the applicable percentages, based on the number of months in the partial year of service.

     (d) Except as provided in subsections (e) and (f), and section 19(c)(2)(B) of this chapter, a participant who:

(1) applies for a retirement benefit; and

(2) is not described in subsection (b);

is entitled to receive a reduced annual retirement benefit that equals the benefit that would be payable if the participant were sixty-five (65) years of age reduced by one-fourth percent (0.25%) for each month that the participant’s age at retirement precedes the participant’s sixty-fifth birthday.

     (e) Except as provided in subsection (f), benefits payable to a participant under this section are reduced by the pension, if any, that:

(1) the participant is receiving from the public employees’ retirement fund, if the participant is receiving a pension from the public employees’ retirement fund on the date of the participant’s retirement from the prosecuting attorneys retirement fund; or

(2) would be payable to the participant from the public employees’ retirement fund if the participant had retired from the public employees’ retirement fund on the date of the participant’s retirement from the prosecuting attorneys retirement fund, if the participant is not receiving a pension from the public employees’ retirement fund on the date of the participant’s retirement from the prosecuting attorneys retirement fund.

Benefits payable to a participant under this section are not reduced by annuity payments made to the participant from the public employees’ retirement fund or by postretirement increases to the pension, if any, that the participant is receiving from the public employees’ retirement fund. A participant to whom subdivision (2) applies is entitled to a recalculation of the benefits payable to the participant under this section after the participant has begun receiving a pension from the public employees’ retirement fund based on the actual amount of the pension that the participant is receiving from the public employees’ retirement fund.

     (f) This subsection applies to a participant who is a member of the public employees’ defined contribution plan established by IC 5-10.3-12-18. Benefits payable to a participant under this section are reduced by the pension portion of the retirement benefit, if any, that would be payable to the participant from the public employees’ retirement fund if the participant:

(1) had not made an election under IC 5-10.3-12-20 to become a member of the public employees’ defined contribution plan; and

(2) had retired from the public employees’ retirement fund on the date of the participant’s retirement from the prosecuting attorneys retirement fund.

     (g) If benefits payable from the public employees’ retirement fund exceed the benefits payable from the prosecuting attorneys retirement fund, the participant is entitled at retirement to withdraw from the prosecuting attorneys retirement fund the total sum contributed plus interest at a rate specified by rule by the board.

[Pre-2004 Recodification Citation: 33-14-9-14.]

As added by P.L.98-2004, SEC.18. Amended by P.L.33-2006, SEC.2; P.L.16-2011, SEC.11; P.L.54-2013, SEC.4; P.L.160-2013, SEC.5; P.L.57-2017, SEC.1; P.L.27-2019, SEC.24.

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