Indiana Code 36-8-8.5-7. “DROP frozen benefit”
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Sec. 7. As used in this chapter, “DROP frozen benefit” means a member’s monthly retirement benefit calculated under the provisions of the applicable fund and based on:
(2) the member’s years of service accrued on the member’s DROP entry date.
(1) the salary of a first class officer or firefighter that is in effect on the member’s DROP entry date; and
Terms Used In Indiana Code 36-8-8.5-7
- applicable fund: means the following:
Indiana Code 36-8-8.5-3
- DROP: means the deferred retirement option plan established by this chapter. See Indiana Code 36-8-8.5-4
- DROP entry date: means the date that a member's DROP election becomes effective. See Indiana Code 36-8-8.5-6
As added by P.L.62-2002, SEC.5.