Metro councilman to fund overtime after Hikes Point shooting

There isn't much of a difference between Indiana and Kentucky's retirement benefits for current officers except they you can't draw a retirement check in Indiana before you're 52. If you work 30 years you end up much better paid in Indianapolis.

Eligibility

You are eligible for an unreduced retirement benefit if you:

Have at least twenty (20) years of creditable service in the 1977 Fund;

Are at least fifty-two (52) years of age; and

Have retired from service and separated from employment

Amount

If you are eligible for unreduced retirement benefits, you will receive a monthly benefit equal to at least fifty percent (50%) of the base salary (first-class salary) in the year you retired.

If you have accumulated more than twenty (20) years of service, you will receive an additional one percent (1%) of base salary for each six months of active service over twenty (20) years, up to a maximum of twelve (12) additional years (or a maximum additional twenty-four percent (24%) of base salary).

For example, if you retire with exactly twenty (20) years of service, your benefit at retirement will be 50 percent of your department’s base salary. If you retire with thirty (30) years of service, your benefit at retirement will be 70 percent of your department’s base salary. When you have accumulated thirty-two (32) years of service or more, your benefit at retirement will be seventy-four percent (74%) of your department’s base salary.

Re-employment after Retirement

Not less than thirty (30) days after a fund member retires from a 1977 Fund covered position, the fund member may be rehired by the same unit that employed the fund member in a 1977 Fund covered position for a position not covered by the 1977 Fund and continue to receive the fund member's retirement benefit.