(A) The Town Police Department elects to become a participating unit in the 1977 Police and Firefighters’ Pension and Disability Fund, as established by I.C. 36-8-8 et seq.
(B) The Town agrees to make the required contributions to the Indiana Public Retirement System (INPRS).
(C) (1) Effective as of November 29, 2010, the town shall pick up all of the mandatory contribution for employees who are members of the 1977 Fund. Said employees shall not be entitled to choose to receive the contributed amounts directly instead of having them paid by the employer to the specified pension fund.
(2) Said contributions, even though designated as employee contributions for state law purposes, are being paid by the employer via a reduction in salary. Such contributions will not be included in the gross income of the employees for certain tax reporting purposes, that is, for federal, state, or local income tax withholding, until distributed either through a pension benefit or a lump sum payment. Such contributions will be included in the gross income of the employees for FICA taxes when they are made. These contributions are made on a pre-tax basis but are paid by the employee through a payroll deduction.
(D) The following are declared to be covered by the 1977 Fund: all full-time town police officers presently employed by the town who have met the minimum medical standards of the 1977 Fund and all subsequent employees hired as full-time police officers for the town.
(E) This section establishes a retirement fund for the employees declared in division (D) above and supersedes any other resolution for a retirement system now in effect for said employees.
(F) The active date of participation for town police officers shall begin on The active date of the participation membership of the 1977 Fund shall be November 29, 2010.
(Res. 2010-3, passed 4-28-2010; Res. 2010-10, passed 11-10-2010; Res. 2023-07, passed 8-9-2023)