All Officers,   There has been a recent amendment to the DROP program for all Indiana city police pension funds, that you need to be aware of.   Effective March 15, 2006, the DROP program's deadline for retiring from the 1925 Fund has been extended until December 31, 2008 (Senate Act 55).  The 1925 Fund is for members hired prior to May 1977.  Those already enrolled in the DROP and that have established a retirement date CANNOT change their date however.  This change to the law and deadline only effects 1925 members that have not yet signed up for the DROP.   As for true members of the 1977 PERF Fund, those hired after May 1977, the new state law has extended the retirement deadline indefinitely, for now.  I spoke with Mike Cook, and he said it is possible that the Legislature could add a deadline at some point in the future.  You must be eligible to retire with full benefits (age 52 and at least 20 years of service) to sign up for the DROP, as a member of the 1977 Fund.  You can sign up for 12-36 months.  Those members will deal directly with PERF (Indianapolis), not the local board.  They will submit their forms to PERF and will be paid their DROP money and pensions by PERF.    A link to PERF's 1977 Police Pension Fund website, is listed below.  Specifics about the DROP are at the bottom of that web page.  There is a FAQ (Frequently Asked Questions) section there as well as the necessary form to sign up.  You can also get a copy of the form from myself or John Warren, the Pension Board Secretary.  We will also be happy to answer your questions about the PERF DROP program, to the best of our ability.  However, the final say on all PERF 1977 Fund members, lies with the State PERF Board.  If you do sign up with the State for the DROP, you need to provide a copy of your enrollment form to the Evansville Police Pension Board Secretary, so that the City and police administration can be aware of your planned retirement date.     http://www.in.gov/perf/police/index.html       Curt Todd     President Pension Board     PENSION SCHEDULE FOR 2008 BASE PAY $ 52,122 + $1,200 CLOTHING ($ 53,322)                                                                              OFFICERS RETIRING PRIOR TO MAY 1977, UNDER THE 1925 PENSION FUND RECEIVE BENEFITS ACCORDING TO THE FOLLOWING SCALE: (THIS INCLUDES CLOTHING ALLOWANCE)  THESE BENEFITS WILL INCREASE AS THE BASE SALARY AND CLOTHING ALLOWANCE INCREASE:     YRS OF   % OF EACH PAY     ANNUAL        SERVICE  BASE (rounded)    (rounded)  -------- -----  ----------  ---------- 20 50% $1,110.88 $26,661.12 21 52% $1,155.31 $27,727.44 22 54% $1,199.75 $28,794.00 23 56% $1,244.18 $29,860.32 24 58% $1,288.62 $30,926.88 25 60% $1,333.05 $31,993.20 26 62% $1,377.49 $33,059.76 27 64% $1,421.92 $34,126.08 28 66% $1,466.36 $35,192.64 29 68% $1,510.79 $36,258.96 30 70% $1,555.23 $37,325.52 31 72% $1,599.66 $38,391.84 32 74% $1,644.10 $39,458.40       UNDER THE 1925 PENSION FUND :     SURVIVING SPOUSES RECEIVE 30% OF BASE PAY.    $ 666.53 PER PAY.   SURVIVING SPOUSES OF MEMBERS THAT DIE AFTER DECEMBER 31, 1988 RECEIVE EITHER 30% OF BASE PAY OR 55% OF WHAT THE PENSIONER WOULD BE DRAWING IF STILL ALIVE, WHICHEVER IS GREATER.           PENSION SCHEDULE FOR 2008 BASE PAY $ 52,122   ANNUALLY   OFFICERS RETIRING AFTER MAY 1977, UNDER THE 1925 PENSION FUND RECEIVE BENEFITS ACCORDING TO THE FOLLOWING SCALE.  THESE BENEFITS WILL INCREASE AS THE BASE SALARY INCREASES:   ** (OFFICERS RETIRING BEFORE JAN 1986, DO NOT RECEIVE CREDIT FOR PARTIAL       YEARS OF SERVICE)   YRS OF   %OF  EACH PAY     ANNUAL        SERVICE  BASE (rounded)    (rounded)  ------- ----- ----------    ---------  20 50% $1,085.88 $26,061.12 20.5 51% $1,107.59 $26,582.16 21 52% $1,129.31 $27,103.44 21.5 53% $1,151.03 $27,624.72 22 54% $1,172.75 $28,146.00 22.5 55% $1,194.46 $28,667.04 23 56% $1,216.18 $29,188.32 23.5 57% $1,237.90 $29,709.60 24 58% $1,259.62 $30,230.88 24.5 59% $1,281.33 $30,751.92 25 60% $1,303.05 $31,273.20 25.5 61% $1,324.77 $31,794.48 26 62% $1,346.49 $32,315.76 26.5 63% $1,368.20 $32,836.80 27 64% $1,389.92 $33,358.08 27.5 65% $1,411.64 $33,879.36 28 66% $1,433.36 $34,400.64 28.5 67% $1,455.07 $34,921.68 29 68% $1,476.79 $35,442.96 29.5 69% $1,498.51 $35,964.24 30 70% $1,520.23 $36,485.52 30.5 71% $1,541.94 $37,006.56 31 72% $1,563.66 $37,527.84 31.5 73% $1,585.38 $38,049.12 32 74% $1,607.10 $38,570.40       UNDER THE 1925 PENSION FUND :   SURVIVING SPOUSES RECEIVE 30% OF BASE PAY.    $ 651.53 PER PAY.   SURVIVING SPOUSES OF MEMBERS THAT DIE AFTER DECEMBER 31, 1988 RECEIVE EITHER 30% OF BASE PAY OR 55% OF WHAT THE PENSIONER WOULD BE DRAWING IF STILL ALIVE, WHICHEVER IS GREATER.   SURVIVING CHILDREN UNDER THE AGE OF 18, OR THOSE WITH PHYSICAL OR MENTAL HANDICAPS, RECEIVE 20% OF BASE PAY.  $ 434.35 PER PAY.    * THE TOTAL AMOUNT RECEIVED BY THE SPOUSE AND CHILDREN CANNOT EXCEED THE AMOUNT THE RETIRED MEMBER WOULD RECEIVE IF ALIVE.       PENSION SCHEDULE FOR 2008 BASE PAY $ 52,122 ANNUALLY   OFFICERS RETIRING, UNDER THE 1977 PENSION FUND (PERF), BEGIN RECEIVING BENEFITS ACCORDING TO THE FOLLOWING SCALE.  INCREASES ARE DETERMINED BY PERF ON JULY 1ST,BEGINNING THE YEAR AFTER RETIREMENT, NEVER TO EXCEED 3% :   YRS OF   %OF  EACH PAY     ANNUAL        SERVICE  BASE (rounded)    (rounded)  ------- ----- ----------    ---------  20 50% $1,085.88 $26,061.12 20.5 51% $1,107.59 $26,582.16 21 52% $1,129.31 $27,103.44 21.5 53% $1,151.03 $27,624.72 22 54% $1,172.75 $28,146.00 22.5 55% $1,194.46 $28,667.04 23 56% $1,216.18 $29,188.32 23.5 57% $1,237.90 $29,709.60 24 58% $1,259.62 $30,230.88 24.5 59% $1,281.33 $30,751.92 25 60% $1,303.05 $31,273.20 25.5 61% $1,324.77 $31,794.48 26 62% $1,346.49 $32,315.76 26.5 63% $1,368.20 $32,836.80 27 64% $1,389.92 $33,358.08 27.5 65% $1,411.64 $33,879.36 28 66% $1,433.36 $34,400.64 28.5 67% $1,455.07 $34,921.68 29 68% $1,476.79 $35,442.96