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Senate Bill 0060


Senate Bill 0060

ARCHIVE (2002)

Latest Information

 

DIGEST OF SB60 (Updated February 26, 2002 12:09 PM - DI 84)


DROP for police and firefighters. Establishes a deferred retirement option plan (DROP) for members of all police and firefighter pension funds. Provides that the DROP is available on January 1, 2003, and expires on December 31, 2007. Provides that a member is eligible to participate in the DROP if the member may retire and receive an unreduced benefit. Provides that a member who wishes to participate in the DROP must make an irrevocable election and choose a retirement date that is no sooner than 12 months and no later than 36 months after the member enters the DROP. Provides that a member in the DROP continues in active service and both the member and the member's employer continue to make contributions to the applicable fund. Provides that a member retiring from the DROP receives a monthly benefit plus an additional amount paid either in a lump sum or in installments. Permits a civil taxing unit to exceed the property tax levy limits to pay the additional amount. Provides that if a member exits the DROP for any reason other than retirement on the member's chosen retirement date, the member's or the member's survivors' benefits are calculated as if the member never entered the DROP. Makes certain changes to the "dies in the line of duty" definition for the police and firefighter pension funds established by IC 36-8-8. (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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