Section 36-8-8-11 - Computation of retirement benefits; actuarially reduced benefits(a) Benefits paid under this section are subject to section 2.5 of this chapter.(b) This subsection applies to a fund member who retires before July 1, 2019. Each fund member who qualifies for a retirement benefit payment under section 10(b) of this chapter is entitled to receive a monthly benefit equal to fifty percent (50%) of the monthly salary of a first class patrolman or firefighter in the year the member ended the member's active service plus:(1) for a member who retires before January 1, 1986, two percent (2%) of that salary for each full year of active service; or(2) for a member who retires after December 31, 1985, one percent (1%) of that salary for each six (6) months of active service; over twenty (20) years, to a maximum of twelve (12) years.
(c) This subsection applies to a fund member who retires after June 30, 2019. Each fund member who qualifies for a retirement benefit payment under section 10(b) of this chapter is entitled to receive a monthly benefit equal to fifty-two percent (52%) of the monthly salary of a first class patrolman or firefighter in the year the member ended the member's active service plus one percent (1%) of that salary for each six (6) months of active service over twenty (20) years, to a maximum of twelve (12) years.(d) This subsection applies to a fund member who retires before July 1, 2019. Each fund member who qualifies for a retirement benefit payment under section 10(c) of this chapter is entitled to receive a monthly benefit equal to fifty percent (50%) of the monthly salary of a first class patrolman or firefighter in the year the member ended the member's active service plus one percent (1%) of that salary for each six (6) months of active service over twenty (20) years, to a maximum of twelve (12) years, all actuarially reduced for each month (if any) of benefit payments prior to fifty-two (52) years of age, by a factor established by the fund's actuary from time to time.(e) This subsection applies to a fund member who retires after June 30, 2019. Each fund member who qualifies for a retirement benefit payment under section 10(c) of this chapter is entitled to receive a monthly benefit equal to fifty-two percent (52%) of the monthly salary of a first class patrolman or firefighter in the year the member ended the member's active service plus one percent (1%) of that salary for each six (6) months of active service over twenty (20) years, to a maximum of twelve (12) years, all actuarially reduced for each month (if any) of benefit payments prior to fifty-two (52) years of age, by a factor established by the fund's actuary from time to time.Pre-Local Government Recodification Citations: 19-1-17.8-9; 19-1-36.5-9.
Amended by P.L. 146-2019,SEC. 1, eff. 7/1/2019.Amended by P.L. 42-2011, SEC. 84, eff. 4/20/2011.As added by Acts1981 , P.L. 309, SEC.59. Amended by P.L. 342-1985, SEC.6; P.L. 55-1989, SEC.62; P.L. 22-1998, SEC.20; P.L. 99-2010, SEC.12.