Indiana Code 36-8-8-7.2. Fire chief or police chief transfer of service credit to PERF
(1) who becomes a member of the 1977 fund under section 7(h) of this chapter;
Terms Used In Indiana Code 36-8-8-7.2
- 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.
- system board: refers to the board of trustees of the Indiana public retirement system established by Indiana Code 36-8-8-2.3
(3) who is not eligible to receive a benefit from the 1977 fund at the end of the individual’s appointment as a fire chief or police chief.
(b) A fund member described in subsection (a) may elect:
(1) to receive the fund member’s contributions to the 1977 fund under section 8 of this chapter; or
(2) to transfer the fund member’s service credit earned as a fire chief or police chief to PERF under subsection (c).
(c) If a fund member makes the election described in subsection (b)(2), the system board shall:
(1) grant to the fund member service credit in PERF for all service earned as a fire chief or police chief in the 1977 fund; and
(2) transfer from the 1977 fund to PERF:
(A) the fund member’s contributions made during the fund member’s appointment as a fire chief or police chief to the 1977 fund; plus
(B) the present value of the unreduced benefit that would be payable to the transferring fund member upon retirement under section 10 of this chapter.
(d) The system board shall deposit the amounts transferred to PERF under subsection (c) as follows:
(1) The fund member’s contributions to the 1977 fund shall be credited to the fund member’s PERF annuity savings account.
(2) The present value of the unreduced benefit that would be payable to the transferring fund member upon retirement under section 10 of this chapter shall be credited to PERF’s retirement allowance account.
(e) For a fund member who makes the election described in subsection (b)(2), all credit for service as a fire chief or police chief in the 1977 fund is waived.
As added by P.L.180-2007, SEC.9. Amended by P.L.35-2012, SEC.120.