§ 24-51-1715 — Benefits

(1) The annual superannuation retirement allowance
shall be determined in the following manner:

(a) Subject to the provisions of paragraph (c) of this subsection (1) pertaining
to certain members appointed or reappointed on or after July 1, 2005, and for
persons who become affiliate members on or after July 1, 2005, the following
calculations shall apply:

(I) If said member shall retire pursuant to section 24-51-1713, the highest
average salary as defined in section 24-51-1702 (17) shall be multiplied by the
primary percentage which shall determine the annual retirement allowance
expressed as a single life annuity and known as option A.

(II) If, however, said member shall retire pursuant to section 24-51-1714 (2),
and if the member has reached retirement eligibility as of January 1, 2011, and has
attained a minimum age of fifty years, the annual retirement allowance, calculated
pursuant to subparagraph (I) of this paragraph (a), shall be reduced by the lesser of
four percent for each year that fifty-five exceeds said member's attained age or
four percent for each year that thirty exceeds said member's number of years of
active service with the district, in either case prorated for a partial year. For
members who have not reached retirement eligibility as of January 1, 2011, the
annual retirement allowance, calculated pursuant to subparagraph (I) of this
paragraph (a), shall be reduced by an actuarially determined percentage as of the
effective date of retirement to ensure that the benefit is the actuarial equivalent of
the annual retirement allowance, calculated pursuant to subparagraph (I) of this
paragraph (a).

(III) If said member shall retire pursuant to section 24-51-1714 (2), and if the
member has reached retirement eligibility as of January 1, 2011, and is younger than
age fifty, the annual retirement allowance, calculated pursuant to subparagraph (I)
of this paragraph (a), shall be reduced by the greater of four percent for each year
that fifty exceeds said member's attained age or four percent for each year that
thirty exceeds said member's number of years of active service with the district, in
either case prorated for a partial year. For members who have not reached
retirement eligibility as of January 1, 2011, the annual retirement allowance,
calculated pursuant to subparagraph (I) of this paragraph (a), shall be reduced by
an actuarially determined percentage as of the effective date of retirement to
ensure that the benefit is the actuarial equivalent of the annual retirement
allowance, calculated pursuant to subparagraph (I) of this paragraph (a).

(IV) If said member shall retire pursuant to section 24-51-1714 (3), and the
member has reached retirement eligibility as of January 1, 2011, the annual
retirement allowance, calculated pursuant to subparagraph (I) of this paragraph (a),
shall be reduced by the lesser of four percent for each year that twenty-five
exceeds said member's number of years of active service with the district or four
percent for each year that sixty-five exceeds said member's age, in either case
prorated for a partial year. For members who have not reached retirement eligibility
as of January 1, 2011, the annual retirement allowance, calculated pursuant to
subparagraph (I) of this paragraph (a), shall be reduced by an actuarially
determined percentage as of the effective date of retirement to ensure that the
benefit is the actuarial equivalent of the annual retirement allowance, calculated
pursuant to subparagraph (I) of this paragraph (a).

(V) If said member shall retire pursuant to section 24-51-1714 (4), and if the
member has reached retirement eligibility as of January 1, 2011, the annual
retirement allowance, calculated pursuant to subparagraph (I) of this paragraph (a),
shall be reduced by four percent for each year that fifty exceeds said member's
age. For members who have not reached retirement eligibility as of January 1, 2011,
the annual retirement allowance, calculated pursuant to subparagraph (I) of this
paragraph (a), shall be reduced by an actuarially determined percentage as of the
effective date of retirement to ensure that the benefit is the actuarial equivalent of
the annual retirement allowance, calculated pursuant to subparagraph (I) of this
paragraph (a).

(b) If a reduction percentage is applicable, prior to calculation of the reduced
retirement allowance, the annuity portion shall be determined and subtracted from
the retirement allowance in order to determine the pension portion, using the terms
of section 24-51-1726, if applicable, and then the reduced retirement allowance
shall be determined by application of the appropriate reduction. The annuity portion
of said allowance, as determined prior to the reduction, shall be subtracted from
the reduced retirement allowance in order to determine the pension portion, if any,
that may be applicable. In no event shall any reduced retirement allowance be less
than the annuity portion of said allowance as determined prior to the reduction
percentage. Said annual retirement allowance shall be payable on a monthly basis
and shall continue for so long as said member shall live or so long as may be
provided under any option available to and elected by such member pursuant to the
provisions of this retirement plan. Payment shall be made at the end of the calendar
month for any retirement allowance attributable to said month, and upon the death
of said member payment shall be allowed for that portion of the calendar month in
which death occurs up to and including the date of death.

(c) In making the calculation of the annual retirement allowance adjustment
for a member who initially was appointed or who became an affiliate member on or
after July 1, 2005, and who has reached retirement eligibility as of January 1, 2011,
the reduction percentage provided in paragraph (a) of this subsection (1) shall be
changed in each instance from four percent to six percent. For members who have
not reached retirement eligibility as of January 1, 2011, the annual retirement
allowance, calculated pursuant to subparagraph (I) of paragraph (a) of this
subsection (1), shall be reduced by an actuarially determined percentage as of the
effective date of retirement to ensure that the benefit is the actuarial equivalent of
the annual retirement allowance, calculated pursuant to subparagraph (I) of
paragraph (a) of this subsection (1).

Legislative History

Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1367, � 56, effective January 1, 2010. L. 2010: (1)(a) and (1)(c) amended, (SB 10-001), ch. 2, p. 26, � 29, effective January 1, 2011.