19-3-904. Amount of service retirement benefit.
19-3-904. Amount of service retirement benefit. (1) Except as provided in subsection (2), the monthly amount of service retirement benefit payable to a member following retirement is the greater of subsection (1)(a) or (1)(b) as follows:
(a) one fifty-sixth of the member's highest average compensation multiplied by the number of years of the member's total service credit; or
(b) a monthly benefit that is the sum of:
(i) the actuarial equivalent of double the member's regular contributions and regular interest; plus
(ii) the actuarial equivalent of any additional contributions and regular interest.
(2) For a member with at least 25 years of membership service, the monthly amount of service retirement benefit must be equal to one-fiftieth of the member's highest average compensation multiplied by the number of years of the member's total service credit instead of the amount calculated under subsection (1)(a).
History: En. 68-2003 by Sec. 31, Ch. 323, L. 1973; amd. Sec. 9, Ch. 128, L. 1975; amd. Sec. 2, Ch. 241, L. 1977; amd. Sec. 12, Ch. 332, L. 1977; R.C.M. 1947, 68-2003; amd. Sec. 2, Ch. 73, L. 1989; amd. Sec. 3, Ch. 558, L. 1989; amd. Sec. 69, Ch. 265, L. 1993; amd. Sec. 31, Ch. 562, L. 1999; amd. Sec. 31, Ch. 99, L. 2001; amd. Sec. 1, Ch. 217, L. 2001; amd. Sec. 31, Ch. 429, L. 2003.