(A) All full-time city employees are required to participate in the Indiana Public Retirement System and must join according to INPRS rules, regulations, terms, and conditions set forth by the city. INPRS premiums cost to employees are determined by statute and collected in payroll deduction.
(B) All full-time city employees are covered by INPRS, a retirement program established and maintained by the State of Indiana. INPRS pays benefits to covered workers or their dependents upon retirement, death, and in certain cases, serious illness or injury. The city contributes a percentage to the pension account. The amount the city contributes varies and is determined actuarially annually. The employee’s contributions and accumulated interest credits are refundable when an employee terminates employment prior to being eligible for benefits. INPRS’s Employer Financed Pension requires ten years of service to become vested, and is paid by the city based on an employee’s length of employment, average salary, retirement option selected and age at retirement.
(C) Questions concerning the program should be directed to: Clerk-Treasurer’s office and/or the Indiana Public Retirement System.
(Ord. 2018-16, passed 1-7-19)