Sec. 18. (a) Except as provided in subsections (b) and (c), a participant who becomes permanently disabled, as described in section 17 of this chapter, is entitled to an annual benefit 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
of Service
Percentage
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 ten (10) 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) Except as provided in subsection (c), 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.
(c) This subsection applies to a participant who is a member of the public employees' defined contribution plan established by IC 5-10.3-12-18. Benefits payable to a participant under this section are reduced by the pension portion of the retirement benefit, if any, that would be payable to the participant from the public employees' retirement fund if the participant had not made an election under IC 5-10.3-12-20 to become a member of the public employees' defined contribution plan.
[Pre-2004 Recodification Citation: 33-14-9-16.]
As added by P.L.98-2004, SEC.18. Amended by P.L.54-2013, SEC.5; P.L.160-2013, SEC.7; P.L.27-2019, SEC.25.
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