Section 10-12-4-5 - Years of service for full pension amount; proportionate amount; beginning of payments(a) An employee beneficiary who has completed twenty-five (25) years of service with the department is entitled to the full amount of the basic pension amount specified in section 7 of this chapter.(b) An employee beneficiary who has completed less than twenty-five (25) years of service is entitled to a proportionate amount of the basic pension amount specified in section 7 of this chapter, based upon the employee beneficiary's years of service to the department. However, benefit payments to an employee beneficiary with less than twenty-five (25) years of service may not begin until the first day of the month on or after the date on which: (1) the employee beneficiary becomes fifty (50) years of age; or(2) the employee beneficiary retires; whichever is later.
Pre-2003 Recodification Citation: 10-1-2.3-5.
As added by P.L. 2-2003, SEC.3.