§ 128-27. Benefits.
§ 128‑27. Benefits.
(a) Service RetirementBenefits.
(1) Any member mayretire upon electronic submission or written application to the Board ofTrustees setting forth at what time, as of the first day of a calendar month,not less than one day nor more than 120 days subsequent to the execution andfiling thereof, he desires to be retired: Provided, that the said member at thetime so specified for his retirement shall have attained the age of 60 yearsand have at least five years of creditable service or shall have completed 30years of creditable service, or if a fireman, he shall have attained the age of55 years and have at least five years of creditable service.
(2) Repealed by SessionLaws 1983 (Regular Session, 1984), c. 1019, s. 1.
(3) Repealed by SessionLaws 1971, c. 325, s. 12.
(4) Any member who wasin service October 8, 1981, who had attained 60 years of age, may retire uponelectronic submission or written application to the Board of Trustees settingforth at what time, as of the first day of a calendar month, not less than oneday nor more than 120 days subsequent to the execution and filing thereof, hedesires to be retired.
(5) Any member who is alaw enforcement officer, and who attains age 50 and completes 15 or more yearsof creditable service in this capacity or who attains age 55 and completes fiveor more years of creditable service in this capacity, may retire uponelectronic submission or written application to the Board of Trustees settingforth at what time, as of the first day of a calendar month, not less than oneday nor more than 120 days subsequent to the execution and filing thereof, hedesires to be retired; provided, also, any member who has met the conditionsrequired by this subdivision but does not retire, and later becomes an employeeother than as a law enforcement officer, continues to have the right tocommence retirement.
(a1) Early ServiceRetirement Benefits. Any member may retire and receive a reduced retirementallowance upon electronic submission or written application to the Board ofTrustees setting forth at what time, as of the first day of a calendar month,not less than one day nor more than 120 days subsequent to the execution andfiling thereof, he desires to be retired: Provided, that the said member at thetime so specified for his retirement shall have attained the age of 50 yearsand have at least 20 years of creditable service.
(a2) Discontinued ServiceRetirement Allowance. A member whose employment with a participating employeris involuntarily terminated as a result of a termination event as defined inthis subsection may be allowed a discontinued service retirement allowance,provided that the discontinued service retirement allowance is approved by theterminated member's participating employer, and provided that reemployment withthat participating employer is not available to the member at the time of thetermination event. For purposes of this section, "termination event"means termination of employment as a result of (i) the participating employer'scessation of operations; (ii) the participating employer's dissolution; (iii)the merger of a participating employer with and into an unrelated entity, otherthan another participating employer; (iv) the acquisition of the participatingemployer by an unrelated entity, other than another participating employer; or(v) the determination by the participating employer that a reduction in forcewill accomplish economies in the participating employer's budget resulting fromeither the elimination of a job and its responsibilities or from lack of fundsto support the job. Final action approving the discontinued service retirementallowance for a terminated member by the member's participating employer shallbe taken in an open meeting.
Upon the occurrence of atermination event, and subject to the provisions of this subsection, anunreduced discontinued service retirement allowance, not otherwise allowedunder this Chapter, may be approved for terminated members with 20 or moreyears of creditable service who are at least 55 years of age. Alternatively,upon the occurrence of a termination event, a discontinued service retirementallowance, not otherwise allowed under this Chapter, may be approved forterminated members with 20 or more years of creditable service who are at least50 years of age, reduced by one‑fourth of one percent (¼ of 1%) for eachmonth that retirement precedes the member's fifty‑fifth birthday.
In cases in which adiscontinued service retirement allowance is approved, the terminated member'semployer shall be responsible for making a lump‑sum payment to theRetirement System's Board of Trustees equal to the actuarial present value ofthe additional liabilities imposed upon the Retirement System, to be determinedby the Retirement System's consulting actuary, as a result of the discontinuedservice retirement allowance, plus an administrative fee to be determined bythe Board of Trustees. An employer shall not discriminate against any member orgroup of members employed by the employer in the approval or disapproval of adiscontinued service retirement allowance.
(b) Service RetirementAllowance of Persons Retiring on or after July 1, 1959, but prior to July 1,1965. Upon retirement from service on or after July 1, 1959, but prior toJuly 1, 1965, a member shall receive a service retirement allowance which shallconsist of:
(1) An annuity whichshall be the actuarial equivalent of his accumulated contributions at the timeof his retirement; and
(2) A pension equal tothe annuity allowable at the age of 65 years or at his retirement age,whichever is the earlier, on the basis of contributions made prior to suchearlier age; and
(3) If he has a priorservice certificate in full force and effect, an additional pension which shallbe equal to the annuity which would have been provided at the age of 65 years,or at the earlier age of retirement if prior thereto, by twice thecontributions which he would have made during such period of service had theSystem been in operation and he contributed thereunder at the rate of
a. Six and twenty‑fivehundredths percent (6.25%) of his compensation if such certificate is a Class Acertificate, or
b. Five percent (5%) ofhis compensation if such certificate is a Class B certificate, or
c. Four percent (4%) ofhis compensation if such certificate is a Class C certificate.
(b1) Service RetirementAllowances of Persons Retiring on or after July 1, 1965, but prior to July 1,1967. Upon retirement from service on or after July 1, 1965, but prior toJuly 1, 1967, a member shall receive a service retirement allowance which shallconsist of:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday, suchallowance shall be equal to the sum of (i) one percent (1%) of the portion ofhis average final compensation not in excess of forty‑eight hundreddollars ($4,800), plus one and one‑half percent (1½%) of the portion ofsuch compensation in excess of forty‑eight hundred dollars ($4,800)multiplied by the number of years of his creditable service rendered prior toJanuary 1, 1966, and (ii) one percent (1%) of the portion of his average finalcompensation not in excess of forty‑eight hundred dollars ($4,800), plusone and one‑half percent (1½%) of the portion of such compensation inexcess of fifty‑six hundred dollars ($5,600), multiplied by the number ofyears of his creditable service rendered after January 1, 1966.
(2a) If the member'sservice retirement date occurs on or after his sixtieth birthday but before hissixty‑fifth birthday, his service retirement allowance shall be computedas in (1) above but shall be reduced by five twelfths of one percent (5/12 of1%) thereof for each month by which his retirement date precedes the first dayof the month coincident with or next following his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday, his serviceretirement allowance shall be the actuarial equivalent of the allowance payableat the age of 60 years as computed in (2a) above.
(3) Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, and uniformed policemen or firemen not covered under the SocialSecurity Act employed thereafter, shall receive not less than the benefitprovided by G.S. 128‑27(b).
(b2) Service RetirementAllowances of Persons Retiring on or after July 1, 1967, but prior to July 1,1969. Upon retirement from service on or after July 1, 1967, but prior toJuly 1, 1969, a member shall receive a service retirement allowance which shallconsist of:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday, suchallowance shall be equal to one and one‑quarter percent (1¼%) of theportion of his average final compensation not in excess of five thousand sixhundred dollars ($5,600) plus one and one‑half percent (1½%) of theportion of such compensation in excess of five thousand six hundred dollars($5,600), multiplied by the number of years of his creditable service.
(2a) If the member'sservice retirement date occurs before his sixty‑fifth birthday, hisservice retirement allowance shall be computed as in (1) above, but shall bereduced by one third of one percent (1/3 of 1%) thereof for each month by whichhis retirement date precedes the first day of the month coincident with or nextfollowing his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday, his serviceretirement allowance shall be the actuarial equivalent of the allowance payableat the age of 60 years as computed in (2a) above.
(3) Notwithstanding theforegoing provision, any member whose creditable service commenced prior toJuly 1, 1965, and policemen or firemen not covered under the Social SecurityAct employed thereafter, shall receive not less than the benefits provided byG.S. 128‑27(b).
(b3) Service RetirementAllowances of Persons Retiring on or after July 1, 1969, but prior to July 1,1973. Upon retirement from service on or after July 1, 1969, but prior toJuly 1, 1973, a member shall receive a service retirement allowance which shallconsist of:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday,regardless of his years of creditable service, or on or after his sixty‑secondbirthday and the completion of 30 years of creditable service, such allowanceshall be equal to one and one‑quarter percent (1¼%) of the portion of hisaverage final compensation not in excess of fifty‑six hundred dollars($5,600) plus one and one‑half percent (1½%) of the portion of suchcompensation in excess of fifty‑six hundred dollars ($5,600), multipliedby the number of years of his creditable service.
(2a) If the member'sservice retirement date occurs before his sixty‑fifth birthday and priorto his completion of 30 or more years of creditable service, his serviceretirement allowance shall be computed as in (1) above, but shall be reduced byone quarter of one percent (¼ of 1%) thereof for each month by which hisretirement date precedes the first day of the month coincident with or nextfollowing his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday and prior to hiscompletion of 30 or more years of creditable service, his service retirementallowance shall be the actuarial equivalent of the allowance payable at the ageof 60 years as computed in (2a) above.
(3a) If the member'sservice retirement date occurs before his sixty‑second birthday but on orafter his sixtieth birthday and on or after completion of 30 or more years ofcreditable service, his service retirement allowance shall be computed as in(1) above, but shall be reduced by one quarter of one percent (¼ of 1%) thereoffor each month by which his retirement date precedes the first day of the monthcoincident with or next following his sixty‑second birthday.
(3b) If the member'sservice retirement date occurs before his sixtieth birthday but on or aftercompletion of 30 or more years of creditable service, his service retirementallowance shall be the actuarial equivalent of the allowance payable at the ageof 60 years as computed in (3a) above.
(4) Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, and uniformed policemen or firemen not covered under the SocialSecurity Act employed thereafter, shall receive not less than the benefitsprovided by G.S. 128‑27(b).
(b4) Service RetirementAllowances of Members Retiring on or after July 1, 1973, but prior to July 1,1976. Upon retirement from service, in accordance with subsection (a) above,on or after July 1, 1973, but prior to July 1, 1976, a member shall receive aservice retirement allowance computed as follows:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday,regardless of his years of creditable service, or after the completion of 30years of creditable service, such allowance shall be equal to one and one‑quarterpercent (1¼%) of the portion of his average final compensation not in excess offifty‑six hundred dollars ($5,600) plus one and one‑half percent(1½%) of the portion of such compensation in excess of fifty‑six hundreddollars ($5,600), multiplied by the number of years of his creditable service.
(2a) If the member'sservice retirement date occurs on or after his sixtieth birthday but before hissixty‑fifth birthday and prior to his completion of 30 or more years ofcreditable service, his service retirement allowance shall be computed as in(1) above, but shall be reduced by one quarter of one percent (¼ of 1%) thereoffor each month by which his retirement date precedes the first day of the monthcoincident with or next following his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday and prior to hiscompletion of 30 or more years of creditable service, his service retirementallowance shall be the actuarial equivalent of the allowance payable at the ageof 60 years as computed in (2a) above.
(3) Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, and uniformed policemen or firemen not covered under the SocialSecurity Act employed thereafter, shall receive not less than the benefitsprovided by G.S. 128‑27(b).
(b5) Service RetirementAllowances of Members Retiring on or after July 1, 1976, but prior to July 1,1978. Upon retirement from service, in accordance with subsection (a) above,on or after July 1, 1976, but prior to July 1, 1978, a member shall receive aservice retirement allowance computed as follows:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday,regardless of his years of creditable service, or after the completion of 30years of creditable service, such allowance shall be equal to one and one‑halfpercent (1½%) of his average final compensation, multiplied by the number ofyears of his creditable service.
(2a) If the member'sservice retirement date occurs on or after his sixtieth birthday but before hissixty‑fifth birthday and prior to his completion of 30 or more years ofservice, his service retirement allowance shall be computed as in (1) above,but shall be reduced by one quarter of one percent (¼ of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday and prior to hiscompletion of 30 or more years of creditable service, his service retirementallowance shall be the actuarial equivalent of the allowance payable at the ageof 60 years as computed in (2a) above.
(3) Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, and uniformed policemen or firemen not covered under the SocialSecurity Act employed thereafter, shall receive not less than the benefitsprovided by G.S. 128‑27(b).
(b6) Service RetirementAllowance of Members Retiring on or after July 1, 1978, but prior to July 1,1983. Upon retirement from service, in accordance with subsection (a) above,on or after July 1, 1978, but prior to July 1, 1983, a member shall receive aservice retirement allowance computed as follows:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday orafter the completion of 30 years of creditable service, such allowance shall beequal to one and fifty‑five one‑hundredths percent (1.55%) of hisaverage final compensation, multiplied by the number of years of his creditableservice.
(2a) If the member'sservice retirement date occurs after his sixtieth and before his sixty‑fifthbirthday and prior to his completion of 30 or more years of creditable service,his retirement allowance shall be computed as in (1) above, but shall be reducedby one quarter of one percent (1/4 of 1%) thereof for each month by which hisretirement date precedes the first day of the month coincident with or nextfollowing his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday and prior to hiscompletion of 30 or more years of creditable service, his retirement allowanceshall be the actuarial equivalent of the allowance payable at the age of 60years as computed in (2a) above.
(3) Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, and uniformed policemen or firemen not covered under the SocialSecurity Act employed thereafter, shall receive not less than the benefitsprovided by G.S. 128‑27(b).
(b7) Service RetirementAllowances of Members Retiring on or after July 1, 1983, but prior to July 1,1985. Upon retirement from service, in accordance with subsection (a) above,on or after July 1, 1983, but prior to July 1, 1985, a member shall receive a serviceretirement allowance computed as follows:
(1) If the member'sservice retirement date occurs on or after his sixty‑fifth birthday,regardless of his years of creditable service, or after the completion of 30years of creditable service, such allowance shall be equal to one and fifty‑sevenone‑hundredths percent (1.57%) of his average final compensation,multiplied by the number of years of his creditable service.
(2a) If the member'sservice retirement date occurs after his sixtieth and before his sixty‑fifthbirthday and prior to his completion of 30 or more years of creditable service,his retirement allowance shall be computed as in (1) above, but shall bereduced by one quarter of one percent (1/4 of 1%) thereof for each month bywhich his retirement date precedes the first day of the month coincident withor next following his sixty‑fifth birthday.
(2b) If the member'sservice retirement date occurs before his sixtieth birthday and prior to hiscompletion of 30 or more years of creditable service, his retirement allowanceshall be the actuarial equivalent of the allowance payable at the age of 60years as computed in (2a) above.
(3) Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, and uniformed policemen or firemen not covered under the SocialSecurity Act employed thereafter, shall receive not less than the benefitsprovided by G.S. 128‑27(b).
(b8) Service RetirementAllowance of Law Enforcement Officers Retiring on or after January 1, 1986, butbefore July 1, 1988. Upon retirement from service, in accordance withsubsection (a) above, on or after January 1, 1986, but before July 1, 1988, amember who is a law enforcement officer or an eligible former law enforcementofficer shall receive the following service retirement allowance:
(1) If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and fifty‑eight one hundredths percent (1.58%) of his average finalcompensation, multiplied by the number of years of his creditable service.
(2) If the member'sservice retirement date occurs after his 50th and before his 55th birthday with15 or more years of creditable service as a law enforcement officer and priorto his completion of 30 years of creditable service, his retirement allowanceshall be computed as in (1) above, but shall be reduced by one‑third ofone percent (1/3 of 1%) for each month by which his retirement date precedesthe first day of the month coincident with or next following his 55th birthday.
(b9) Service RetirementAllowance of Members Retiring on or after July 1, 1985, but before July 1,1988. Upon retirement from service, in accordance with subsection (a) above,on or after July 1, 1985, but before July 1, 1988, a member shall receive thefollowing service retirement allowance:
(1) If the member'sservice retirement date occurs on or after his 65th birthday, regardless of hisyears of creditable service, or after the completion of 30 years of creditableservice, such allowance shall be equal to one and fifty‑eight onehundredths percent (1.58%) of his average final compensation, multiplied by thenumber of years of his creditable service.
(2) Such allowance shallalso be governed by the provisions of G.S. 128‑27(b7)(2a), (2b), and (3).
(b10) Service RetirementAllowance of Members Retiring on or after July 1, 1988, but before July 1,1989. Upon retirement from service in accordance with subsection (a) above,on or after July 1, 1988, but before July 1, 1989, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and sixty hundredths percent (1.60%) of his average final compensation,multiplied by the number of years of his creditable service.
b. Such allowance shallalso be governed by the provisions of G.S. 128‑27(b8)(2).
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service, or on or after his 60th birthday upon thecompletion of 25 years of creditable service, such allowance shall be equal toone and sixty‑hundredths percent (1.60%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. Such allowance shallalso be governed by the provisions of G.S. 128‑27(b7)(2a), (2b) and (3).
(b11) Service RetirementAllowance of Members Retiring on or after July 1, 1989, but before July 1,1990. Upon retirement from service in accordance with subsection (a) above,on or after July 1, 1989, but before July 1, 1990, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and sixty‑three hundredths percent (1.63%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b8)(2).
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and sixty‑three hundredths percent (1.63%) of his average finalcompensation, multiplied by the number of years of creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b7)(2a) and (3).
(b12) Service RetirementAllowance of Members Retiring on or after July 1, 1990, but before July 1,1992. Upon retirement from service in accordance with subsection (a) above,on or after July 1, 1990, but before July 1, 1992, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and sixty‑four hundredths percent (1.64%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b8)(2).
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and sixty‑four hundredths percent (1.64%) of his average finalcompensation, multiplied by the number of years of creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b7)(2a) and (3).
(b13) Service RetirementAllowance of Members Retiring on or after July 1, 1992, but before July 1,1994. Upon retirement from service in accordance with subsection (a) above,on or after July 1, 1992, but before July 1, 1994, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and seventy hundredths percent (1.70%) of his average final compensation,multiplied by the number of years of his creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b8)(2).
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon the completionof 25 years of creditable service, the allowance shall be equal to one andseventy hundredths percent (1.70%) of his average final compensation,multiplied by the number of years of creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b7)(2a), (2b), and (3).
(b14) Service RetirementAllowance of Members Retiring on or after July 1, 1994, but before July 1,1995. Upon retirement from service in accordance with subsection (a) or (a1)above, on or after July 1, 1994, but before July 1, 1995, a member shallreceive the following service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal to oneand seventy‑one hundredths percent (1.71%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b8)(2).
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and seventy‑one hundredths percent (1.71%) of his average finalcompensation, multiplied by the number of years of creditable service.
b. This allowance shallalso be governed by the provisions of G.S. 128‑27(b7)(2a), (2b), and (3).
(b15) Service RetirementAllowance of Members Retiring on or after July 1, 1995 but before July 1, 1997. Upon retirement from service in accordance with subsection (a) or (a1) above,on or after July 1, 1995, but before July 1, 1997, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and seventy‑two hundredths percent (1.72%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, his retirementallowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b15)(1)a. reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b15)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and seventy‑two hundredths percent (1.72%) of his average finalcompensation, multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th and before his 65th birthday andprior to his completion of 25 years or more of creditable service, hisretirement allowance shall be computed as in G.S. 128‑27(b15)(2)a. butshall be reduced by one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service butprior to the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b15)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b15)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b15)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(b16) Service RetirementAllowance of Member Retiring on or after July 1, 1997, but before July 1, 1998. Upon retirement from service in accordance with subsection (a) or (a1) above,on or after July 1, 1997, but before July 1, 1998, a member shall receive thefollowing service retirement allowance:
(1) A member who is a lawenforcement officer or an eligible former law enforcement officer shall receivea service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday, and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and seventy‑six hundredths percent (1.76%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, hisretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b16)(1)a., reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b16)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and seventy‑six hundredths percent (1.76%) of average finalcompensation, multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th birthday and before his 65thbirthday and prior to his completion of 25 years or more of creditable service,his retirement allowance shall be computed as in G.S. 128‑27(b16)(2)a.but shall be reduced by one‑quarter of one percent (¼ of 1%) thereof foreach month by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service but priorto the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b16)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b16)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b16)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(b17) Service RetirementAllowance of Member Retiring on or After July 1, 1998, but before July 1, 2000. Upon retirement from service in accordance with subsection (a) or (a1) above,on or after July 1, 1998, but before July 1, 2000, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and seventy‑seven hundredths percent (1.77%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, hisretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b17)(1)a. reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b17)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and seventy‑seven hundredths percent (1.77%) of average finalcompensation, multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th birthday and before his 65thbirthday and prior to his completion of 25 years or more of creditable service,his retirement allowance shall be computed as in G.S. 128‑27(b17)(2)a.but shall be reduced by one‑quarter of one percent (¼ of 1%) thereof foreach month by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service butprior to the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b17)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b17)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b17)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(b18) Service RetirementAllowance of Member Retiring on or After July 1, 2000, but Before July 1, 2001. Upon retirement from service in accordance with subsection (a) or (a1) above,on or after July 1, 2000, but before July 1, 2001, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and seventy‑eight hundredths percent (1.78%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, hisretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b18)(1)a. reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday;
2. The serviceretirement allowance as computed under G.S. 128‑27(b18)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and seventy‑eight hundredths percent (1.78%) of average finalcompensation, multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th birthday and before his 65thbirthday and prior to his completion of 25 years or more of creditable service,his retirement allowance shall be computed as in G.S. 128‑27(b18)(2)a.but shall be reduced by one‑quarter of one percent (¼ of 1%) thereof foreach month by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service butprior to the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b18)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b18)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b18)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(b19) Service RetirementAllowance of Member Retiring on or After July 1, 2001, But Before July 1, 2002. Upon retirement from service in accordance with subsection (a) or (a1) above,on or after July 1, 2001, but before July 1, 2002, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and eighty‑one hundredths percent (1.81%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, hisretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b19)(1)a. reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday;
2. The serviceretirement allowance as computed under G.S. 128‑27(b19)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon the completionof 25 years of creditable service, the allowance shall be equal to one andeighty‑one hundredths percent (1.81%) of average final compensation,multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th birthday and before his 65thbirthday and prior to his completion of 25 years or more of creditable service,his retirement allowance shall be computed as in G.S. 128‑27(b19)(2)a.but shall be reduced by one‑quarter of one percent (¼ of 1%) thereof foreach month by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service butprior to the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b19)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b19)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b19)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(b20) Service RetirementAllowance of Member Retiring on or After July 1, 2002, but Before July 1, 2003. Upon retirement from service in accordance with subsection (a) or (a1) above,on or after July 1, 2002, but before July 1, 2003, a member shall receive thefollowing service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and eighty‑two hundredths percent (1.82%) of his average finalcompensation, multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, hisretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b20)(1)a. reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday;
2. The serviceretirement allowance as computed under G.S. 128‑27(b20)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and eighty‑two hundredths percent (1.82%) of average finalcompensation, multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th birthday and before his 65thbirthday and prior to his completion of 25 years or more of creditable service,his retirement allowance shall be computed as in G.S. 128‑27(b20)(2)a.but shall be reduced by one‑quarter of one percent (¼ of 1%) thereof foreach month by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service butprior to the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b20)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b20)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b20)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(b21) Service RetirementAllowance of Member Retiring on or After July 1, 2003. Upon retirement fromservice in accordance with subsection (a) or (a1) above, on or after July 1,2003, a member shall receive the following service retirement allowance:
(1) A member who is alaw enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 55th birthday and completion offive years of creditable service as a law enforcement officer, or after thecompletion of 30 years of creditable service, the allowance shall be equal toone and eighty‑five hundredths percent (1.85%) of his average final compensation,multiplied by the number of years of his creditable service.
b. If the member'sservice retirement date occurs on or after his 50th birthday and before his55th birthday with 15 or more years of creditable service as a law enforcementofficer and prior to the completion of 30 years of creditable service, hisretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance payable under G.S. 128‑27(b21)(1)a. reduced by one‑thirdof one percent (1/3 of 1%) thereof for each month by which his retirement dateprecedes the first day of the month coincident with or next following the monththe member would have attained his 55th birthday;
2. The serviceretirement allowance as computed under G.S. 128‑27(b21)(1)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement.
(2) A member who is nota law enforcement officer or an eligible former law enforcement officer shallreceive a service retirement allowance computed as follows:
a. If the member'sservice retirement date occurs on or after his 65th birthday upon thecompletion of five years of creditable service or after the completion of 30years of creditable service or on or after his 60th birthday upon thecompletion of 25 years of creditable service, the allowance shall be equal toone and eighty‑five hundredths percent (1.85%) of average finalcompensation, multiplied by the number of years of creditable service.
b. If the member'sservice retirement date occurs after his 60th birthday and before his 65thbirthday and prior to his completion of 25 years or more of creditable service,his retirement allowance shall be computed as in G.S. 128‑27(b21)(2)a.but shall be reduced by one‑quarter of one percent (¼ of 1%) thereof foreach month by which his retirement date precedes the first day of the monthcoincident with or next following his 65th birthday.
c. If the member'searly service retirement date occurs on or after his 50th birthday and beforehis 60th birthday and after completion of 20 years of creditable service butprior to the completion of 30 years of creditable service, his early serviceretirement allowance shall be equal to the greater of:
1. The serviceretirement allowance as computed under G.S. 128‑27(b21)(2)a. but reducedby the sum of five‑twelfths of one percent (5/12 of 1%) thereof for eachmonth by which his retirement date precedes the first day of the monthcoincident with or next following the month the member would have attained his60th birthday, plus one‑quarter of one percent (¼ of 1%) thereof for eachmonth by which his 60th birthday precedes the first day of the month coincidentwith or next following his 65th birthday; or
2. The serviceretirement allowance as computed under G.S. 128‑27(b21)(2)a. reduced byfive percent (5%) times the difference between 30 years and his creditableservice at retirement; or
3. If the member'screditable service commenced prior to July 1, 1995, the service retirementallowance equal to the actuarial equivalent of the allowance payable at the ageof 60 years as computed in G.S. 128‑27(b21)(2)b.
d. Notwithstanding theforegoing provisions, any member whose creditable service commenced prior toJuly 1, 1965, shall not receive less than the benefit provided by G.S. 128‑27(b).
(c) DisabilityRetirement Benefits. Upon the application of a member or of his employer, anymember who has had five or more years of creditable service may be retired bythe Board of Trustees, on the first day of any calendar month, not less thanone day nor more than 120 days next following the date of filing suchapplication, on a disability retirement allowance: Provided, that the medicalboard, after a medical examination of such member, shall certify that suchmember is mentally or physically incapacitated for the further performance ofduty, that such incapacity was incurred at the time of active employment andhas been continuous thereafter, that such incapacity is likely to be permanent,and that such member should be retired; Provided further the medical boardshall determine if the member is able to engage in gainful employment and, ifso, the member may still be retired and the disability retirement allowance asa result thereof shall be reduced as in subsection (e) below. Provided further,that the Medical Board shall not certify any member as disabled who:
(1) Applies fordisability retirement based upon a mental or physical incapacity which existedwhen the member first established membership in the system; or
(2) Is in receipt of anypayments on account of the same disability which existed when the member firstestablished membership in the system.
The Board of Trustees shallrequire each employee upon enrolling in the retirement system to provideinformation on the membership application concerning any mental or physicalincapacities existing at the time the member enrolls.
Notwithstanding therequirement of five or more years of creditable service to the contrary, amember who is a law enforcement officer or a fireman as defined in G.S. 58‑86‑25or rescue squad worker as defined in G.S. 58‑86‑30 and who has hadone year or more of creditable service and becomes incapacitated for duty asthe natural and proximate result of an accident occurring while in the actualperformance of duty, and meets all other requirements for disability retirementbenefits, may be retired by the Board of Trustees on a disability retirementallowance.
Notwithstanding the foregoingto the contrary, any beneficiary who commenced retirement with an early orservice retirement benefit