In the event a member of the Judicial Retirement Fund, who is a probate judge, or a surviving spouse thereof, must employ and count creditable service transferred under this article to qualify for retirement and/or benefits under the fund, the benefits or allowances payable to such member or spouse shall be calculated as follows, and shall be in lieu of any and all other rights, benefits and allowances, except Social Security payments:
(1)The annual service allowance payable to a retiring probate judge shall be an annual amount equal to the sum of:
a. The amount which results when 75 percent of the base sum or salary upon which such judge was contributing, as provided in Section 12-18-82, immediately prior to retirement is multiplied by the ratio created when the member’s number of years
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In the event a member of the Judicial Retirement Fund, who is a probate judge, or a surviving spouse thereof, must employ and count creditable service transferred under this article to qualify for retirement and/or benefits under the fund, the benefits or allowances payable to such member or spouse shall be calculated as follows, and shall be in lieu of any and all other rights, benefits and allowances, except Social Security payments:
(1) The annual service allowance payable to a retiring probate judge shall be an annual amount equal to the sum of:
a. The amount which results when 75 percent of the base sum or salary upon which such judge was contributing, as provided in Section 12-18-82, immediately prior to retirement is multiplied by the ratio created when the member’s number of years of creditable service, excluding transferred credit, is compared to the number of years of creditable service required under Article 4 of this chapter, to retire on service with respect to the member’s age at the time of retirement; and
b. Two and one-eightieth percent of the member’s average final compensation, that is the average annual compensation, during the three years in the last 10 years of creditable service transferred under this article for which such average is highest, or during his entire period of transferred creditable service if less than three years credit is transferred under this article multiplied by the number of years of the member’s creditable service transferred under the provisions of this article.
The annual service allowance shall be payable to such retiring probate judge in equal monthly installments but, anything in this section to the contrary notwithstanding, shall not exceed 75 percent of the base sum or salary upon which such judge was contributing immediately prior to retirement.
(2) The annual disability allowance payable to a retiring probate judge shall be an annual amount equal to the sum of:
a. A percentage of the base sum or salary contributed upon immediately prior to retirement by such probate judge multiplied by the member’s number of years of creditable service, excluding transferred credit, in accordance with the following schedule:
Creditable Service
Percentage of Salary
1
5
2
10
3
15
4
20
5
30
6
35
7
45
8
55
9
65
10
75
and,
b. Two and one-eightieth of the average final compensation for the period of transferred service credit multiplied by the member’s number of years of creditable service transferred under this article.
The annual disability allowance shall be payable in equal monthly installments but, anything in this section to the contrary notwithstanding, said allowance shall not exceed 75 percent of the salary or base sum upon which the member was contributing immediately prior to retirement.
(3) The annual allowance payable to the surviving spouse of a probate judge shall be an annual amount equal to the sum of:
a. Three percent of the base sum or salary upon which the judge of probate was paying the percentage as provided in subsection (a) or subsection (b) of Section 12-18-82 immediately prior to retirement, multiplied by the number of years of creditable service as a judge of probate, not to exceed 10 years.
b. Forty percent of two and one-eightieth percent of the member’s average final compensation for the creditable service transferred under this article multiplied by the number of years of the member’s creditable service transferred under the provisions of this article.
The annual allowance to the surviving spouse shall be payable in equal monthly installments for the remainder of the surviving spouse’s life or until remarriage, but, anything in this section to the contrary notwithstanding, said annual allowance shall not exceed 30 percent of the salary upon which the judge of probate was paying the percentage as provided in subsection (a) or subsection (b) of Section 12-18-82 immediately prior to retirement.