49-17-402 - Calculation of retirement allowance.
49-17-402. Calculation of retirement allowance.
(1) A retiree under this system shall receive an allowance equal to:
(a) 5% of the final average monthly salary multiplied by the number of years of servicecredit, limited to 10 years; plus
(b) 2.25% of the final average monthly salary multiplied by the number of years ofservice credit in excess of 10 years and up to and including 20 years; plus
(c) 1% of the 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 75% of the member'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.
(3) If the retiree has attained the age of 55 years and has 20 years or more of servicecredit, the retiree shall receive an early retirement reduction to the allowance based on anactuarial calculation assuming a normal retirement age of 65 years.
Amended by Chapter 264, 2010 General Session