(A) The town employees are eligible for enrollment in the Indiana Public Retirement System (INPRS). INPRS funds consist of an employee contribution and employer contribution. Currently, the town pays the employees’ contribution as part of the employee’s benefit package. Retirement benefit eligibility is determined by age and creditable service. The employee will become eligible for normal retirement with full benefits if he or she is age 65 and have ten or more years of creditable service with INPRS. Early retirement benefits are also available provided that the employee are between the ages of 50 and 65 and have 15 or more years of creditable service.
(B) If the employee terminates employment before completing ten years of creditable service, the employee is entitled to receive a refund of his or her employee contribution plus all accumulated interest credited to his or her account regardless of whether it is employee paid or employer paid. The employer paid portion and the interest will be taxable.
(Ord. 05-04, passed 2-28-2005)