Ind. Code § 5-10-5.5-10 – Retirement allowance

(a) Benefits provided under this section are subject to section 2.5 of this chapter.
(b) Except as provided in section 10.5 of this chapter, the annual retirement allowance of a participant, payable in equal monthly installments beginning on the participant's normal retirement date, shall be a percentage of the participant's average annual salary, such percentage to be twenty-five percent (25%) increased by one and two-thirds percent (1 2/3%) of the participant's average annual salary for each completed year of creditable service more than ten (10) years. However, the annual retirement allowance computed under this subsection may not exceed seventy-five percent (75%) of the participant's average annual salary.
(c) The annual retirement allowance under subsection (b) shall cease with the last monthly payment prior to the death of the participant.
Formerly: Acts 1972, P.L.1, SEC.1. As amended by P.L.55-1989, SEC.3; P.L.180-2007, SEC.4; P.L.128-2008, SEC.3; P.L.79-2026, SEC.1.