Introduced Version
SENATE BILL No. 527
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 33-38; IC 33-39-7.
Synopsis: Judges' and prosecutors' pensions. Changes various
provisions of the judges' 1985 retirement system to incorporate features
that are the same as or similar to features found in the prosecuting
attorneys' retirement fund law, including the definition of "salary", the
age and service requirements to receive an unreduced retirement
benefit, the benefit reduction percentage for early retirement, a
reduction in survivor benefits for early retirement, the requirement of
active service with at least five years of creditable service to receive a
disability benefit, and the computation of a disability benefit. Changes
various provisions of the prosecuting attorneys retirement fund law to
incorporate features that are the same as or similar to features found in
the judges' 1985 retirement system, including pretax "pick-up" for
participant contributions, a 22 year contribution period, interest on
participant amounts credited at least annually at a rate determined by
the board of trustees of the Indiana public retirement system, partial
years of service used in benefit computation, survivor's benefit paid for
a participant who dies in service, and the minimum annual survivor's
benefit increased from $7,000 to $12,000.
Effective: July 1, 2013.
Boots
January 14, 2013, read first time and referred to Committee on Pensions and Labor.
Introduced
First Regular Session 118th General Assembly (2013)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in
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Additions: Whenever a new statutory provision is being enacted (or a new constitutional
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NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in
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this style type reconciles conflicts
between statutes enacted by the 2012 Regular Session of the General Assembly.
SENATE BILL No. 527
A BILL FOR AN ACT to amend the Indiana Code concerning
pensions.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 33-38-6-10; (13)IN0527.1.1. -->
SECTION 1. IC 33-38-6-10 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 10. (a) As used in this
chapter, "salary" means the total salary paid to a participant by the state
and by a county or counties, determined without regard to any salary
reduction agreement established under Section 125 of the Internal
Revenue Code.
(b) This subsection applies to salary earned for services
performed after June 30, 2013, by a participant in the judges' 1985
retirement system. As used in this chapter, "salary" means the
salary paid to a participant by the state, determined without
regard to any salary reduction agreement established under
Section 125 of the Internal Revenue Code. The term does not
include an amount paid to a participant by a county or counties.
SOURCE: IC 33-38-6-21; (13)IN0527.1.2. -->
SECTION 2. IC 33-38-6-21, AS AMENDED BY P.L.13-2011,
SECTION 6, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 21. (a) When drawing a salary warrant for a
participant:
(1) the auditor of state; and
(2) the county auditor, for a salary warrant drawn for services
performed before July 1, 2013, for a participant in the judges'
1985 retirement system;
shall deduct from the amount of the warrant the participant's
contribution, if any, to the fund in the amount certified in the vouchers
or an order issued by the director.
(b) The auditor of state and the county auditor shall draw a warrant
to the fund for the total contributions withheld from the participants
each month. The warrant drawn to the fund together with a list of
participants and the amount withheld from each participant shall be
transmitted immediately to the director.
(c) After December 31, 2011, the auditor of state and the county
auditor shall submit the contributions paid by or on behalf of a
participant under this section by electronic funds transfer in accordance
with section 21.5 of this chapter.
SOURCE: IC 33-38-6-22; (13)IN0527.1.3. -->
SECTION 3. IC 33-38-6-22 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 22. (a) This section
applies to:
(1) the auditor of state; and
(2) the county auditor, for a salary warrant drawn for services
performed before July 1, 2013, for a participant in the judges'
1985 retirement system.
(b) The auditor of state and the county auditor, in the preparation
of salary warrants to participants, shall indicate on the payroll voucher
the following information, in addition to other things:
(1) The amount of the participant's contribution to the fund
deducted from the salary of the participant.
(2) The net amount payable to the participant, after the deduction
of the participant's contribution.
SOURCE: IC 33-38-8-8; (13)IN0527.1.4. -->
SECTION 4. IC 33-38-8-8 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 8.
(a) This subsection
applies to salary earned for services performed before July 1, 2013.
As used in this chapter, "salary" means the total salary paid to a
participant by the state and by a county or counties, determined without
regard to any salary reduction agreement established under Section 125
of the Internal Revenue Code.
(b) This subsection applies to salary earned for services
performed after June 30, 2013. As used in this chapter, "salary"
means the salary paid to a participant by the state, determined
without regard to any salary reduction agreement established
under Section 125 of the Internal Revenue Code. The term does not
include an amount paid to a participant by a county or counties.
SOURCE: IC 33-38-8-13; (13)IN0527.1.5. -->
SECTION 5. IC 33-38-8-13, AS AMENDED BY P.L.122-2008,
SECTION 17, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 13. A participant whose employment as a judge
or, after December 31, 2010, as a judge or full-time magistrate, is
terminated is entitled to a retirement benefit computed under section
14 of this chapter, beginning on the date specified by the participant in
a written application, if the following conditions are met:
(1) The date on which the benefit begins is not:
(A) before the date of final termination of employment of the
participant; or
(B) the date thirty (30) days before the receipt of the
application by the board.
(2) The participant:
(A) is at least sixty-two (62) years of age and has at least eight
(8) years of service credit;
(B) is at least fifty-five (55) years of age and the participant's
age in years plus the participant's years of service is at least
eighty-five (85), for a participant who applies to receive a
retirement benefit before July 1, 2013; or
(C) has become permanently disabled. meets the
requirements to receive a disability benefit under section
15 of this chapter.
(3) The participant is not receiving a salary from the state for
services currently performed as:
(A) a judge (as defined in IC 33-38-6-7); or
(B) a magistrate under IC 33-23-5.
SOURCE: IC 33-38-8-14; (13)IN0527.1.6. -->
SECTION 6. IC 33-38-8-14, AS AMENDED BY P.L.122-2008,
SECTION 18, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 14. (a) Benefits provided under this section are
subject to IC 33-38-6-13 and section 20 of this chapter.
(b) A participant who:
(1) applies for a retirement benefit; and
(2) is at least:
(A) sixty-five (65) years of age; or
(B) fifty-five (55) years of age and meets the requirements
under section 13(2)(B) of this chapter, for a participant who
applies to receive a retirement benefit before July 1, 2013;
is entitled to an annual retirement benefit as calculated in subsection
(c).
(c) The annual retirement benefit for a participant who meets the
requirements of subsection (b) equals the product of:
(1) the applicable salary determined under subsection (e); (f);
multiplied by
(2) the percentage prescribed in the following table:
Participant's Years Percentage
of Service
8
24%
9
27%
10
30%
11
33%
12
50%
13
51%
14
52%
15
53%
16
54%
17
55%
18
56%
19
57%
20
58%
21
59%
22 or more
60%
If a participant has a partial year of service in addition to at least eight
(8) full years of service, an additional percentage shall be calculated by
prorating between the applicable percentages, based on the number of
months in the partial year of service.
(d) Except as provided in section 13(2)(B) of this chapter and
subsection (b)(2)(B), if a participant who applies for a retirement
benefit has not attained sixty-five (65) years of age, the participant is
entitled to receive a reduced annual retirement benefit that equals the
benefit that would be payable if the participant were sixty-five (65)
years of age reduced by:
(1) one-tenth percent (0.1%), for a participant who applies to
receive a retirement benefit before July 1, 2013; or
(2) one-fourth percent (0.25%), for a participant who applies
to receive a retirement benefit after June 30, 2013;
for each month that the participant's age at retirement precedes the
participant's sixty-fifth birthday. This
(e) The reduction described in subsection (d) does not apply to:
(1) participants a participant who are separated from service
because of permanent disability meets the requirements to
receive a disability benefit under section 15 of this chapter;
(2) survivors of participants a participant who die dies while in
service after August 1, 1992, and before July 1, 2013; or
(3) survivors of participants a participant who die dies before
July 1, 2013, while not in service but while entitled to a future
benefit.
(e) (f) The applicable salary is one (1) of the following:
(1) The salary that was being paid to the participant at the time of
the participant's separation from service for:
(A) a participant who applies to receive a retirement benefit
from the fund before January 1, 2010; or
(B) a participant who:
(i) before January 1, 2010, separates from service;
(ii) is entitled to receive a retirement benefit from the fund,
but does not apply before January 1, 2010, to receive a
retirement benefit; and
(iii) does not earn any service credit in the fund after
December 31, 2009.
(2) The salary being paid for the office that the participant held at
the time of the participant's separation from service for a
participant who:
(A) applies to receive a benefit after December 31, 2009; and
(B) is not a participant described in subdivision (1)(B).
SOURCE: IC 33-38-8-15; (13)IN0527.1.7. -->
SECTION 7. IC 33-38-8-15, AS AMENDED BY P.L.99-2007,
SECTION 198, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2013]: Sec. 15. (a) A participant is considered
to have a permanent disability who becomes disabled while in active
service may retire for the duration of the disability if:
(1) the participant has at least five (5) years of creditable
service, for a participant who applies to receive a disability
benefit after June 30, 2013; and
(2) the board has received a written certification by at least two
(2) licensed and practicing physicians, appointed by the board,
that:
(1) (A) the participant is totally incapacitated, by reason of
physical or mental infirmities, from earning a livelihood; and
(2) (B) for a participant who applies to receive a disability
benefit before July 1, 2013, the condition is likely to be
permanent.
(b) The participant shall be reexamined by at least two (2)
physicians appointed by the board, at the times the board designates but
at intervals not to exceed one (1) year. If, in the opinion of these
physicians, the participant has recovered from the participant's
disability, then benefits shall cease to be payable as of the date of the
examination unless, on that date, the participant is at least:
(1) sixty-five (65) years of age; or
(2) fifty-five (55) years of age and meets the requirements under
section 13(2)(B) of this chapter, for a participant who applies
to receive a disability benefit before July 1, 2013.
(c) To the extent required by the Americans with Disabilities Act,
the transcripts, reports, records, and other material generated by the
initial and periodic examinations and reviews to determine eligibility
for disability benefits under this section shall be:
(1) kept in separate medical files for each member; and
(2) treated as confidential medical records.
SOURCE: IC 33-38-8-16; (13)IN0527.1.8. -->
SECTION 8. IC 33-38-8-16 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 16. (a) Benefits
provided under this section are subject to IC 33-38-6-13 and section 20
of this chapter.
(b) A participant who
becomes permanently disabled first meets
the requirements for disability benefits under section 15 of this
chapter before July 1, 2013, is entitled to an annual benefit that
equals the product of:
(1) the salary that was paid to the participant at the time of
separation from service; multiplied by
(2) the percentage prescribed in the following table:
Participant's Years
Percentage
of Service
0-12 50%
13 51%
14 52%
15 53%
16 54%
17 55%
18 56%
19 57%
20 58%
21 59%
22 or more 60%
If a participant has a partial year of service in addition to at least eight
(8) full years of service, an additional percentage shall be calculated by
prorating between the applicable percentages, based on the number of
months in the partial year of service.
(c) A participant who first meets the requirements for disability
benefits under section 15 of this chapter after June 30, 2013, is
entitled to an annual benefit that equals the product of:
(1) the salary that was paid to the participant at the time of
separation from service; multiplied by
(2) the percentage prescribed in the following table:
Participant's Years
Percentage
of Service
Less than 5
0
5-10 40%
11 41%
12 42%
13 43%
14 44%
15 45%
16 46%
17 47%
18 48%
19 49%
20 or more 50%
If a participant has a partial year of service in addition to at least
eight (8) full years of service, an additional percentage shall be
calculated by prorating between the applicable percentages, based
on the number of months in the partial year of service.
SOURCE: IC 33-38-8-22; (13)IN0527.1.9. -->
SECTION 9. IC 33-38-8-22, AS AMENDED BY P.L.122-2008,
SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 22. (a) This section applies to a person who:
(1) is a judge participating under this chapter;
(2) was appointed by a court to serve as a full-time referee,
full-time commissioner, or, before January 1, 2011, full-time
magistrate, either:
(A) before becoming a judge; or
(B) after leaving an elected term on the bench;
(3) was a member of the public employees' retirement fund during
the employment described in subdivision (2); and
(4) received credited service under the public employees'
retirement fund for the employment described in subdivision (2).
(b) If a person becomes a participant as a judge in the judges' 1985
benefit system under section 1 of this chapter, credit for service by the
judge as a full-time referee, full-time commissioner, or, before January
1, 2011, full-time magistrate shall be granted under this chapter by the
board if:
(1) the service was credited under the public employees'
retirement fund;
(2) the state contributes to the judges' 1985 benefit system the
amount the board determines necessary to amortize the service
liability over a period determined by the board, but not more than
ten (10) years; and
(3) the judge pays in a lump sum or in a series of payments
determined by the board, not exceeding five (5) annual payments,
the amount the judge would have contributed if the judge had
been a member of the judges' 1985 benefit system during the
service.
(c) If the requirements of subsection (b)(2) and (b)(3) are not
satisfied, a participant is entitled to credit only for years of service
earned as a participant in the judges' 1985 benefit system.
(d) An amortization schedule for contributions paid under
subsection (b)(2) or (b)(3) must include interest at a rate determined by
the board.
(e) The following provisions apply to a person described in
subsection (a):
(1) A minimum benefit applies to participants receiving credit in
the judges' 1985 benefit system from service covered by the
public employees' retirement fund. The minimum benefit is
payable at sixty-five (65) years of age, or when the participant is
at least fifty-five (55) years of age and meets the requirements
under section 13(2)(B) of this chapter for a participant who
applies to receive a retirement benefit before July 1, 2013, and
equals the actuarial equivalent of the vested retirement benefit
that is:
(A) payable to the member at normal retirement under
IC 5-10.2-4-1 as of the day before the transfer; and
(B) based solely on:
(i) creditable service;
(ii) the average of the annual compensation; and
(iii) the amount credited under IC 5-10.2 and IC 5-10.3 to
the annuity savings account of the transferring member as of
the day before the transfer.
(2) If the requirements of subsection (b)(2) and (b)(3) are
satisfied, the board shall transfer from the public employees'
retirement fund to the judges' 1985 benefit system the amount
credited to the annuity savings account and the present value of
the retirement benefit that is:
(A) attributable to the retiring participant; and
(B) payable at:
(i) sixty-five (65) years of age; or
(ii) at least fifty-five (55) years of age under section
13(2)(B) of this chapter, that is attributable to the
transferring participant. for a participant who applies to
receive a retirement benefit before July 1, 2013.
(3) The amount the state and the participant must contribute to the
judges' 1985 benefit system under subsection (b) shall be reduced
by the amount transferred to the judges' 1985 benefit system by
the board under subdivision (2).
(4) If the requirements of subsection (b)(2) and (b)(3) are
satisfied, credit for service in the public employees' retirement
fund as a full-time referee, full-time commissioner, or, before
January 1, 2011, full-time magistrate is waived. Any credit for the
service under the judges' 1985 benefit system may be granted only
under subsection (b).
(f) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the judges' 1985 benefit system may accept, on
behalf of a participant who is purchasing permissive service credit
under subsection (b), a rollover of a distribution from any of the
following:
(1) A qualified plan described in Section 401(a) or Section 403(a)
of the Internal Revenue Code.
(2) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(3) An eligible plan that is maintained by a state, a political
subdivision of a state, or an agency or instrumentality of a state or
political subdivision of a state under Section 457(b) of the
Internal Revenue Code.
(4) An individual retirement account or annuity described in
Section 408(a) or Section 408(b) of the Internal Revenue Code.
(g) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the judges' 1985 benefit system may accept, on
behalf of a participant who is purchasing permissive service credit
under subsection (b), a trustee to trustee transfer from any of the
following:
(1) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(2) An eligible deferred compensation plan under Section 457(b)
of the Internal Revenue Code.
SOURCE: IC 33-38-8-22.5; (13)IN0527.1.10. -->
SECTION 10. IC 33-38-8-22.5, AS AMENDED BY P.L.16-2011,
SECTION 7, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 22.5. (a) This section applies after December 31,
2010, only to a person who:
(1) is a full-time magistrate participating under this chapter;
(2) was appointed by a court to serve as:
(A) a full-time referee or full-time commissioner; or
(B) before January 1, 2011, a full-time magistrate;
(3) was a member of the public employees' retirement fund during
the employment described in subdivision (2); and
(4) received credited service under the public employees'
retirement fund for the employment described in subdivision (2).
(b) If a person becomes a participant as a full-time magistrate in the
judges' 1985 benefit system under section 1 of this chapter, credit for
service by the magistrate as a full-time referee, full-time commissioner,
or, before January 1, 2011, full-time magistrate shall be granted under
this chapter by the board if:
(1) the service was credited under the public employees'
retirement fund; and
(2) the magistrate pays in a lump sum or in a series of payments
determined by the board, not exceeding five (5) annual payments,
the amount determined by the actuary for the judges' 1985 benefit
system as the total cost of the service.
(c) If the requirements of subsection (b) are not satisfied, a
participant is entitled to credit only for years of service earned as a
participant in the judges' 1985 benefit system.
(d) An amortization schedule for contributions paid under this
section must include interest at a rate determined by the board.
(e) The following provisions apply to a person described in
subsection (a):
(1) A minimum benefit applies to participants receiving credit in
the judges' 1985 benefit system from service covered by the
public employees' retirement fund. The minimum benefit is
payable at sixty-five (65) years of age, or when the participant is
at least fifty-five (55) years of age and meets the requirements
under section 13(2)(B) of this chapter
for a participant who
applies to receive a retirement benefit before July 1, 2013, and
equals the actuarial equivalent of the vested retirement benefit
that is:
(A) payable to the member at normal retirement under
IC 5-10.2-4-1 as of the day before the transfer; and
(B) based solely on:
(i) creditable service;
(ii) the average of the annual compensation; and
(iii) the amount credited under IC 5-10.2 and IC 5-10.3 to
the annuity savings account of the transferring member as of
the day before the transfer.
(2) If the requirements of subsection (b) are satisfied, the board
shall transfer from the public employees' retirement fund to the
judges' 1985 benefit system the amount credited to the annuity
savings account and the present value of the retirement benefit
that is:
(A) attributable to the transferring participant; and
(B) payable at:
(i) sixty-five (65) years of age; or
(ii) at least fifty-five (55) years of age under section
13(2)(B) of this chapter, that is attributable to the
transferring participant. for a participant who applies to
receive a retirement benefit before July 1, 2013.
(3) The amount the participant must contribute to the judges' 1985
benefit system under subsection (b) shall be reduced by the
amount transferred to the judges' 1985 benefit system by the
board under subdivision (2).
(4) If the requirements of subsection (b) are satisfied, credit for
service in the public employees' retirement fund as a full-time
referee, full-time commissioner, or before July 1, 2010, full-time
magistrate that is purchased under this section is waived. Any
credit for the service under the judges' 1985 benefit system may
be granted only under subsection (b).
(f) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the judges' 1985 benefit system may accept, on
behalf of a participant who is purchasing permissive service credit
under subsection (b), a rollover of a distribution from any of the
following:
(1) A qualified plan described in Section 401(a) or Section 403(a)
of the Internal Revenue Code.
(2) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(3) An eligible plan that is maintained by a state, a political
subdivision of a state, or an agency or instrumentality of a state or
political subdivision of a state under Section 457(b) of the
Internal Revenue Code.
(4) An individual retirement account or annuity described in
Section 408(a) or Section 408(b) of the Internal Revenue Code.
(g) To the extent permitted by the Internal Revenue Code and the
applicable regulations, the judges' 1985 benefit system may accept, on
behalf of a participant who is purchasing permissive service credit
under subsection (b), a trustee to trustee transfer from any of the
following:
(1) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(2) An eligible deferred compensation plan under Section 457(b)
of the Internal Revenue Code.
SOURCE: IC 33-39-7-12; (13)IN0527.1.11. -->
SECTION 11. IC 33-39-7-12, AS AMENDED BY P.L.13-2011,
SECTION 13, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 12. (a) Except as otherwise provided in
subsection (b), this section, each participant shall make contributions
to the fund as follows:
(1) A participant described in section 8(a)(1) of this chapter shall
make contributions of six percent (6%) of each payment of salary
received for services after December 31, 1989.
(2) A participant described in section 8(a)(2) or 8(a)(3) of this
chapter shall make contributions of six percent (6%) of each
payment of salary received for services after June 30, 1994.
A participant's contributions shall be deducted from the participant's
monthly salary by the auditor of state and credited to the fund.
(b) The state may pay the contributions for a participant. The state
may elect to pay the contribution for the participant as a pickup
under Section 414(h) of the Internal Revenue Code.
(c) After a participant has contributed to the fund as provided
in subsection (a) for twenty-two (22) years, the participant is not
required to make additional contributions to the fund.
(c) After December 31, 2011, (d) The auditor of state shall submit
the contributions paid by or on behalf of a participant under this section
by electronic funds transfer in accordance with section 12.5 of this
chapter.
SOURCE: IC 33-39-7-14; (13)IN0527.1.12. -->
SECTION 12. IC 33-39-7-14, AS AMENDED BY P.L.16-2011,
SECTION 10, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 14. (a) Interest shall be credited at least annually
on June 30 at a rate specified by rule by the board on all amounts in the
fund credited to the member. as of June 30 of the preceding year.
(b) Contributions begin to accumulate interest at the beginning of
the fiscal year after the year in which the contributions are due or at an
alternate time established by the rules of the board.
(c) When a member retires or withdraws from the fund, a
proportional interest credit determined under this chapter shall be paid
for the period elapsed since the last date on which interest was credited.
SOURCE: IC 33-39-7-16; (13)IN0527.1.13. -->
SECTION 13. IC 33-39-7-16, AS AMENDED BY P.L.16-2011,
SECTION 11, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 16. (a) This section does not apply to a participant
who meets the requirements for disability benefits under section 17 of
this chapter.
(b) Except as provided in subsections (c) and (d), the amount of the
annual retirement benefit to which a participant who applies for a
retirement benefit and who is at least sixty-five (65) years of age is
entitled equals the product of:
(1) the highest annual salary that was paid to the participant
before separation from service; multiplied by
(2) the percentage prescribed in the following table:
Participant's Years
Percentage
of Service
Less than 8
0
8 24%
9 27%
10 30%
11 33%
12 50%
13 51%
14 52%
15 53%
16 54%
17 55%
18 56%
19 57%
20 58%
21 59%
22 or more 60%
If a participant has a partial year of service in addition to at least
eight (8) full years of service, an additional percentage is calculated
under this subsection by prorating between the applicable
percentages, based on the number of months in the partial year of
service.
(c) If a participant who applies for a retirement benefit is not at least
sixty-five (65) years of age, the participant is entitled to receive a
reduced annual retirement benefit that equals the benefit that would be
payable if the participant were sixty-five (65) years of age reduced by
one-fourth percent (0.25%) for each month that the participant's age at
retirement precedes the participant's sixty-fifth birthday.
(d) Benefits payable to a participant under this section are reduced
by the pension, if any, that would be payable to the participant from the
public employees' retirement fund if the participant had retired from the
public employees' retirement fund on the date of the participant's
retirement from the prosecuting attorneys retirement fund. Benefits
payable to a participant under this section are not reduced by annuity
payments made to the participant from the public employees' retirement
fund.
(e) If benefits payable from the public employees' retirement fund
exceed the benefits payable from the prosecuting attorneys retirement
fund, the participant is entitled at retirement to withdraw from the
prosecuting attorneys retirement fund the total sum contributed plus
interest at a rate specified by rule by the board.
SOURCE: IC 33-39-7-18; (13)IN0527.1.14. -->
SECTION 14. IC 33-39-7-18 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 18. (a) Except as
provided in subsection (b), the amount of the annual benefit payable to
a participant who meets the requirements for disability benefits under
section 17 of this chapter is equal to the product of:
(1) the annual salary that was paid to the participant at the time of
separation from service; multiplied by
(2) the percentage prescribed in the following table:
Participant's Years
Percentage
of Service
Less than 5
0
5-10
40%
11
41%
12
42%
13
43%
14
44%
15
45%
16
46%
17
47%
18
48%
19
49%
20 or more
50%
If a participant has a partial year of service in addition to at least
five (5) years of service, an additional percentage is calculated
under this subsection by prorating between the applicable
percentages, based on the number of months in the partial year of
service.
(b) Benefits payable to a participant under this section are reduced
by the amounts, if any, that are payable to the participant from the
public employees' retirement fund.
SOURCE: IC 33-39-7-19; (13)IN0527.1.15. -->
SECTION 15. IC 33-39-7-19, AS AMENDED BY P.L.33-2006,
SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2013]: Sec. 19. (a) The surviving spouse of a participant who:
(1) dies; and
(2) on the date of death:
(A) was receiving benefits under this chapter;
(B)
was in service and had completed at least eight (8) years
of service in a position described in section 8 of this chapter;
or
(C) met the requirements for disability benefits under section
17 of this chapter;
or
(D) was not in service in a position described in section 8 of
this chapter, had completed at least eight (8) years of
service in a position described in section 8 of this chapter,
and was entitled to a future benefit;
is entitled, regardless of the participant's age, to the benefit prescribed
by subsection (b).
(b) The surviving spouse is entitled to a benefit for life equal to the
greater of:
(1)
seven twelve thousand dollars
($7,000); ($12,000); or
(2) fifty percent (50%) of the amount of retirement benefit the
participant was drawing at the time of death, or to which the
participant would have been entitled had the participant retired
and begun receiving retirement benefits on the date of death, with
reductions as necessary under section 16(c) of this chapter.
(c) Benefits payable to a surviving spouse under this section are
reduced by the amounts, if any, that are payable to the surviving spouse
from the public employees' retirement fund as a result of the
participant's death.