49-14-402 - Calculation of retirement allowance.
49-14-402. Calculation of retirement allowance.
(1) A retiree under this system shall receive an allowance equal to:
(a) 2.5% of final average monthly salary multiplied by the number of years of servicecredit, limited to 20 years; plus
(b) 2% of final average monthly salary, multiplied by the number of years of servicecredit in excess of 20 years.
(2) (a) Except as modified by cost-of-living adjustments and except as provided underSubsection (2)(b), an allowance under this system may not exceed 70% of a retiree's finalaverage monthly salary.
(b) The allowance limitation under Subsection (2)(a) does not apply to a member whoinitially retires on or after July 1, 2010.
Amended by Chapter 264, 2010 General Session