FINANCE AND PENSION
Chief Financial Officer: Dawn Sykes Randle
The Finance Division works as a liaison for IFD with the City Controllers Office and the Chief Financial Officer (CFO) for the Department of Public Safety. Upon receipt of guidance information established by the Controllers Office, the Finance Division is responsible for the maintenance and dispersal of IFD's budget. Like any large organization, most of IFD's budget (approximately 85.4%) is used to pay for personnel costs like salaries and health insurance.
There are five characters (sections) in the IFD budget:
Captain Dave Harman: Pension Office
The purpose of the Indianapolis Fire Department Pension Division is to keep records on each pensioner's taxes, insurance, and benefits status and to disperse the appropriate pension payments. This office also assists the families of both retired and active firefighters at the time of death and is the official representative of the Indianapolis Fire Department at the funeral. The Pension Division is dedicated to serving the retired officers and their dependents. The division is committed to the enforcement of laws protecting the Pension Fund. The division is also committed to educating active officers in preparation for their retirement.
Firefighters who retire with 20 years-of-service are eligible to receive 50% of the annual pension base. Firefighters who retire with more than 20 years-of-service are eligible for greater percentages of the pension base. Pensioners would receive the 50% of the pension base, plus one percent for each six-month period served over 20 years, up to a maximum of 74%. Monthly pension benefits are derived by using the pension base multiplied by the percentage to be received by the pensioners. There are currently about 1000 individuals receiving pension benefits, including firefighters on pension, firefighters on disability pension, and widows and children of retired firefighters.
There are actually two pension programs for Indianapolis firefighters. Those firefighters who were hired before 1977 are paid through the City of Indianapolis. Those hired after 1976 are paid through the State of Indiana Public Employee Retirement Fund (PERF).