Sec. 1.1. (a) An individual who holds the office of governor for any length of time during one (1) term of that office is entitled to receive an annual retirement benefit under subsection (e). However, an individual who succeeds to the office of governor without being elected is not entitled to an annual retirement benefit under this section unless such person serves for more than one (1) year of the term of the office.

     (b) An individual who holds the office of governor for any length of time during each of two (2) separate terms of that office is entitled to receive an annual retirement benefit under subsection (f).

     (c) If an individual who holds the office of governor resigns or is removed from office, during a term of that office, for any reason except a mental or physical disability that renders the individual unable to discharge the powers and duties of the office, then the term during which the individual resigned or was removed may not be considered for determining the individual’s annual retirement benefit under this section.

     (d) The retirement benefit shall be paid in equal monthly installments from the public employees’ retirement fund after a claim has been made for the retirement benefit to the Indiana public retirement system by the governor or a person acting on the governor’s behalf. A governor shall choose the date on which the governor will begin receiving the governor’s retirement benefit. However, the date must be the first day of a month. A governor may not receive the retirement benefit as long as the governor holds an elective position with any federal, state, or local governmental unit, and the governor may not receive the retirement benefit until the governor has reached at least sixty-two (62) years of age. The governor’s choice of initial benefit payment date and the governor’s choice of benefit payment amount under subsections (e) and (f) are revocable until the governor receives the first monthly installment of the governor’s retirement benefit. After that installment is received, the choice of date and the choice of amount are irrevocable.

     (e) With respect to a governor who is entitled to a retirement benefit under subsection (a):

(1) if the governor chooses to begin receiving the governor’s retirement benefit on or after the date the governor reaches sixty-two (62) years of age but before the governor reaches sixty-five (65) years of age, the governor may choose to receive:

(A) the retirement benefits the governor is entitled to, if any, under IC 5-10.2-4 and IC 5-10.3-8; or

(B) thirty percent (30%) of the governor’s annual salary set in IC 4-2-1-1 for the remainder of the governor’s life; or

(2) if the governor chooses to begin receiving the governor’s retirement benefit on or after the date the governor reaches sixty-five (65) years of age, the governor may choose to receive:

(A) the retirement benefits the governor is entitled to, if any, under IC 5-10.2-4 and IC 5-10.3-8; or

(B) forty percent (40%) of the governor’s annual salary set in IC 4-2-1-1 for the remainder of the governor’s life.

     (f) With respect to a governor who is entitled to a retirement benefit under subsection (b):

(1) if the governor chooses to begin receiving the governor’s retirement benefit on or after the date the governor reaches sixty-two (62) years of age but before the governor reaches sixty-five (65) years of age, the governor may choose to receive:

(A) the retirement benefits the governor is entitled to, if any, under IC 5-10.2-4 and IC 5-10.3-8; or

(B) forty percent (40%) of the governor’s annual salary set in IC 4-2-1-1 for the remainder of the governor’s life; or

(2) if the governor chooses to begin receiving the governor’s retirement benefit on or after the date the governor reaches sixty-five (65) years of age, the governor may choose to receive:

(A) the retirement benefits the governor is entitled to, if any, under IC 5-10.2-4 and IC 5-10.3-8; or

(B) fifty percent (50%) of the governor’s annual salary set in IC 4-2-1-1 for the remainder of the governor’s life.

As added by Acts 1980, P.L.9, SEC.1. Amended by P.L.6-1996, SEC.1; P.L.22-1998, SEC.1; P.L.13-2013, SEC.4; P.L.92-2021, SEC.1.