Citations Affected: IC 5-10-5.5.
Synopsis: Excise and conservation officer pensions. Modifies the
eligibility for and the calculation of retirement benefits under the excise
police and conservation officers' retirement plan (plan). Requires the
board of trustees of the public employees' retirement fund to establish
a deferred retirement option plan for plan participants.
Effective: July 1, 2004.
January 12, 2004, read first time and referred to Committee on Pensions and Labor.
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
SECTION 1. IC 5-10-5.5-9 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 9. (a) Except as
provided in subsection (b) or (c), every participant is required to retire
on the first day of the month following the participant's sixtieth
birthday.
(b) If the sum of the participant's years of creditable service and
age in years equals at least eighty-five (85), the participant may
retire and receive an annual retirement allowance under section 10
of this chapter.
(c) An officer who becomes a participant after becoming fifty (50)
years of age is required to retire on the earlier of:
(1) the first day of the month following the participant's sixty-fifth
birthday; or
(2) the first day of the month following the completion of ten (10)
years of service.
SECTION 2. IC 5-10-5.5-10 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 10. (a) Benefits
provided under this section are subject to section 2.5 of this chapter.
(b) The annual retirement allowance of a participant, payable in
equal monthly installments beginning on his the participant's normal
retirement date, shall be a percentage of his 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 his the
participant's average annual salary for each completed year of
creditable service more than ten (10) years. and one percent (1%) of his
average annual salary for each completed year of creditable service
more than twenty-five (25) years.
(c) The annual retirement allowance shall cease with the last
monthly payment prior to the death of the participant.
SECTION 3. IC 5-10-5.5-11 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 11. (a) Any participant
who has attained the age of forty-five (45) years and has accrued at
least fifteen (15) years of creditable service may retire and become
eligible for benefits as provided in section 12(a) section 12 of this
chapter.
(b) If:
(1) a participant is at least fifty-five (55) years of age; and
(2) the sum of the participant's years of creditable service and age
in years equals at least eighty-five (85);
the participant may retire and become eligible for benefits as provided
in section 12(b) of this chapter.
SECTION 4. IC 5-10-5.5-12 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2004]: Sec. 12. (a) The amount of
annual retirement allowance payable in equal monthly installments to
a participant who retires under section 11(a) section 11 of this chapter
(relating to early retirement) shall be determined in accordance with
section 10(a) section 10 of this chapter (relating to normal retirement).
However, the amount of annual retirement allowance otherwise
payable upon early retirement shall be reduced by one-quarter percent
(1/4%) for each full month that the date of early retirement precedes
the attainment of the participant's sixtieth birthday. date on which the
participant would meet the years of creditable service and age
requirements specified in section 9(b) of this chapter to receive an
unreduced annual retirement allowance.
(b) The amount of annual retirement allowance payable in equal
monthly installments to a participant who retires under section 11(b)
of this chapter (relating to early retirement) shall be determined in
accordance with section 10(a) of this chapter (relating to normal
retirement).