Indiana Code Title 5. State and Local Administration § 5-10-5.5-10

Sec. 10. (a) Benefits provided under this section are subject to section 2.5 of this chapter.

(b) The annual retirement allowance of a participant, payable in equal monthly installments beginning on the participant's normal retirement date, shall be a percentage of the participant's average annual salary, such percentage to be twenty-five percent (25%) increased by one and two-thirds percent (1 2/3 %) of the participant's average annual salary for each completed year of creditable service more than ten (10) years.  However, the annual retirement allowance computed under this subsection may not exceed seventy-five percent (75%) of the participant's average annual salary.

(c) The annual retirement allowance shall cease with the last monthly payment prior to the death of the participant.