38-845
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38-845. Amount of retirement benefit; purchase of firearm A. A member who meets the requirements for a normal pension and has twenty years of credited service shall receive a monthly amount which equals fifty per cent of the member's average monthly benefit compensation. If the member retires with other than twenty years of credited service, the foregoing amount shall be: 1. Reduced by four per cent for each year of credited service under twenty years, with pro rata reduction for any fractional year. 2. Increased by a monthly amount equal to two per cent of the member's average monthly benefit compensation multiplied by the number of the member's years of credited service in excess of twenty years, with pro rata increase for any fractional year, except that if a member retires with twenty-five or more years of credited service the amount shall be increased by a monthly amount equal to two and one-half per cent of the member's average monthly benefit compensation multiplied by the number of the member's years of credited service in excess of twenty years, with pro rata increase for any fractional year. Notwithstanding the provisions of this subsection, the maximum amount payable as a normal pension shall be eighty per cent of the average monthly benefit compensation. B. A member who meets the requirements for an accidental disability pension shall receive a monthly amount which shall be computed in the same manner as a normal pension, using the member's average monthly benefit compensation before termination of employment and the member's actual credited service or twenty years of credited service, whichever is greater. C. A member who meets the requirements for an ordinary disability pension shall receive a monthly amount that is equal to a fraction times the member's normal pension that is computed according to subsection A if the member had twenty years of credited service. The fraction is the result obtained by dividing the member's actual years of credited service, not to exceed twenty years of credited service, by twenty. D. A member who meets the requirements for a temporary disability pension shall receive a monthly amount which shall be equal to one-twelfth of fifty per cent of the member's annual compensation received immediately prior to the date on which the member's disability was incurred. E. A member who meets the requirements for a catastrophic disability pension is entitle to receive a monthly amount computed as follows: 1. For the first sixty months, ninety per cent of the member's average monthly benefit compensation before termination of employment. 2. After sixty months, sixty-two and one-half per cent of the member's average monthly benefit compensation before termination of employment or computed in the same manner as a normal pension using the member's average monthly benefit compensation before termination of employment and the member's actual credited service, whichever is greater. F. A member who was employed before September 15, 1989 by an employer participating in the system and who retires on or after November 1, 2001 is entitled to receive a tax equity benefit allowance consisting of a permanent increase of two per cent of the member's base benefit retroactive to the day of retirement. G. In addition to the amounts received under subsection A, B, C, D or E and subject to the approval of the employer, the pension includes the ability of a member to purchase the handgun or shotgun issued by the employer to the member at less than fair market value. |