Sec. 2. As used in this chapter:

"Board" refers to the sheriff's merit board established under this chapter.

"Department" refers to the sheriff's department of a county.

"Eligible employee" means the sheriff of a county or a county police officer.

"Employee beneficiary" means an eligible employee who has completed an application to become an employee beneficiary and who has had the proper deductions made from the eligible employee's wages as required in the pension trust agreement.

"Net amount paid into the trust fund from wages of an employee beneficiary" means the amount of money actually paid in from the wages of the employee beneficiary, plus interest at the rate of three percent (3%) compounded annually and less a sum including interest at the same rate, paid from the trust fund to the employee beneficiary or to a governmental fund for the credit or benefit of the employee beneficiary.

"Pension engineers" means technical consultants qualified to supervise and assist in the establishment, maintenance, and operation of a pension trust on an actuarially sound basis.

"Trust fund" means the assets of the pension trust and consists of voluntary contributions from the department, money paid from the wages of employee beneficiaries, and other payments or contributions made to the pension trust, including the income and proceeds derived from the investment of them.

"Trustee" refers to the trustee of the pension trust, who may be one (1) or more corporate trustees or the treasurer of the county serving under bond.

[Pre-Local Government Recodification Citation: 17-3-14-10 part.]

As added by Acts 1981, P.L.309, SEC.61. Amended by P.L.127-2017, SEC.262.