(A) Any person under 60 years of age who becomes a full-time City employee or elected official shall become a member of the Public Employees’ Retirement Fund established under I.C. 5-10.3-2 at the time of employment.
(B) Excluded from membership in this Fund are:
(1) Independent contractors or officers or employees paid wholly on a fee basis;
(2) Full-time police officers and firefighters; and
(3) Employees occupying positions normally requiring performance of service of less than 1,000 hours per year.
(C) Each member shall contribute 3% of his or her compensation to the Fund as specified in I.C. 5-10.2-3. The member also may make additional annuity contributions to the Fund. Interest shall be credited as specified in I.C. 5-10.2-2.
(D) A member’s contributions and interest credits belong to the member and do not belong to the state or the City. The contributions may be withdrawn by any person who suspends his or her membership in the Fund by virtue of termination of employment.
(E) The conditions for a member’s retirement and the computation of the amount of his or her retirement benefit are stated in I.C. 5-10.2-4.