Sec. 7. As used in this chapter, “DROP frozen benefit” means a member’s monthly retirement benefit calculated under the provisions of the applicable fund and based on:

(1) the salary of a first class officer or firefighter that is in effect on the member’s DROP entry date; and

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Terms Used In Indiana Code 36-8-8.5-7

  • applicable fund: means the following:

    Indiana Code 36-8-8.5-3

  • DROP: means the deferred retirement option plan established by this chapter. See Indiana Code 36-8-8.5-4
  • DROP entry date: means the date that a member's DROP election becomes effective. See Indiana Code 36-8-8.5-6
(2) the member’s years of service accrued on the member’s DROP entry date.

As added by P.L.62-2002, SEC.5.