Indiana Code 5-10-5.5-10. Retirement allowance
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Sec. 10. (a) Benefits provided under this section are subject to section 2.5 of this chapter.
(c) The annual retirement allowance shall cease with the last monthly payment prior to the death of the participant.
(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.
Terms Used In Indiana Code 5-10-5.5-10
- Average annual salary: means the average annual salary of an officer during the five (5) years of highest annual salary in the ten (10) years immediately preceding an officer's retirement date, determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code. See Indiana Code 5-10-5.5-1
- Participant: means any officer who has elected to participate in the retirement plan created by this chapter. See Indiana Code 5-10-5.5-1
- Salary: means the total compensation, exclusive of expense allowances, paid to any officer by the department or the commission, determined without regard to any salary reduction agreement established under Section 125 of the Internal Revenue Code. See Indiana Code 5-10-5.5-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
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.