§ 24-6-214 - Benefits generally -- Contributory member.
24-6-214. Benefits generally -- Contributory member.
(a) Upon his or her retirement as provided in this subchapter, a member shall receive a straight life pension equal to the following sum: Two and nine hundred forty-nine thousandths percent (2.949%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service not to exceed twenty (20) years, plus the sum of two and three hundred fifty-nine thousandths percent (2.359%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty (20) years but not in excess of twenty-five (25) years, plus one and eighteen hundredths percent (1.18%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty-five (25) years but not in excess of thirty (30) years.
(b) (1) In the event a member who has acquired twenty (20) years or more of credited service retires prior to attainment of age fifty (50), as provided in this subchapter, his or her pension, as provided for in subsection (a) of this section, shall be reduced one-half percent (0.5%) multiplied by the number of completed months in the period from the date he or she requests his or her pension to begin to the date he or she would have attained age fifty (50).
(2) In the event a member with five (5) years or more of credited service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty (50) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty (50) years of age, computed in the same manner as the pension of other retirants under the system.
(3) Any member may elect to withdraw his or her accumulated contributions to the system at the time of terminating employment as a state police officer and to waive any pension rights the member may have earned in the system.