Sec. 12.1. (a) This section applies to an employee beneficiary who:
(1) retires after June 30, 1997; and
(2) served in a county that has adopted an ordinance stating that the maximum monthly pension for an employee beneficiary who retires after June 30, 1997, shall be determined under this section instead of section 12(j) of this chapter.
(b) As used in this section, "average monthly wage" means the lesser of:
(1) the average monthly wage received by the employee beneficiary during the highest paid three (3) years before retirement; or
(2) the monthly minimum salary that a full-time prosecuting attorney is entitled to be paid by the state at the time the employee beneficiary retires.
(c) Except as provided in subsection (d), an employee beneficiary's monthly pension may not exceed twenty dollars ($20) plus one-half (1/2) the amount of the average monthly wage.
(d) The fiscal body of a county may approve an increase in the maximum monthly pension for an employee beneficiary. The maximum monthly pension may:
(1) be increased by one percent (1%) of the average monthly wage for each six (6) months of service after twenty (20) years; and
(2) not exceed seventy-four percent (74%) of the average monthly wage plus twenty dollars ($20).
As added by P.L.233-1997, SEC.2.
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