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10-12-4-5. Years of service for full pension amount; proportionate amount; beginning of payments

IN Code § 10-12-4-5 (2019) (N/A)
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Sec. 5. (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.

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