Section 36-8-8-10 - Eligibility for retirement; initiation of benefits; election to receive actuarially reduced benefits(a) A fund member is eligible for retirement after the member has completed twenty (20) years of active service.(b) Unless the member is receiving benefits under subsection (c), unreduced benefits to a retired fund member begin the date:(1) the fund member becomes fifty-two (52) years of age; or(2) on which the fund member retires; whichever is later. Benefit payments to a retired fund member under this subsection begin on the first day of the month on or after the date the member reaches fifty-two (52) years of age or on which the member retires, whichever is later.
(c) A retired member may elect to receive actuarially reduced benefits that begin the date: (1) the fund member becomes fifty (50) years of age; or(2) on which the fund member retires; whichever is later. Benefit payments to a retired fund member under this subsection begin on the first day of the month on or after the day the member reaches fifty (50) years of age or on which the member retires, whichever is later.
(d) If a fund member: (1) becomes fifty-two (52) years of age in the case of unreduced benefits or fifty (50) years of age in the case of reduced benefits; or(2) retires on a date other than on the first day of the month; the amount due the fund member for the initial partial monthly benefit is payable together with the regular monthly benefit on the first of the month following the date the fund member becomes fifty-two (52) or fifty (50) years of age, respectively, or retires, whichever is later.
Pre-Local Government Recodification Citations: 19-1-17.8-8; 19-1-36.5-8.
Amended by P.L. 127-2017,SEC. 261, eff. 7/1/2017.As added by Acts1981 , P.L. 309, SEC.59. Amended by P.L. 232-1997, SEC.1; P.L. 22-1998, SEC.19.