(1)(a) For a
member who is a state trooper, who is eligible to retire on and after July 1, 1998, but
on or before January 1, 2011, and who retires upon reaching fifty years of age or
older but before reaching sixty years of age, a reduced service retirement benefit
shall be the option 1 benefit for service retirement, as calculated according to the
formula set forth in section 24-51-603, reduced by three percent for each year and
a proportional percentage for each fraction of a year from the effective date of
reduced service retirement to the date the member would have become eligible for
a service retirement pursuant to the provisions of section 24-51-602 (1).
(b)For a member who is not a state trooper, who is eligible to retire on and
after July 1, 1998, but on or before Janu
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(1) (a) For a
member who is a state trooper, who is eligible to retire on and after July 1, 1998, but
on or before January 1, 2011, and who retires upon reaching fifty years of age or
older but before reaching sixty years of age, a reduced service retirement benefit
shall be the option 1 benefit for service retirement, as calculated according to the
formula set forth in section 24-51-603, reduced by three percent for each year and
a proportional percentage for each fraction of a year from the effective date of
reduced service retirement to the date the member would have become eligible for
a service retirement pursuant to the provisions of section 24-51-602 (1).
(b) For a member who is not a state trooper, who is eligible to retire on and
after July 1, 1998, but on or before January 1, 2011, and who retires upon reaching
fifty-five years of age or older but before reaching sixty years of age, a reduced
service retirement benefit shall be the option 1 benefit for service retirement, as
calculated according to the formula set forth in section 24-51-603, reduced by:
(I) Three percent for each year and a proportional percentage for each
fraction of a year from the effective date of reduced service retirement to the date
the member would have reached sixty years of age, or the date the member would
have become eligible for a service retirement pursuant to the provisions of section
24-51-602 (1), if earlier than sixty years of age; and
(II) Four percent for each year and a proportional percentage for each
fraction of a year from the date the member reaches sixty years of age to the date
the member would have become eligible for a service retirement pursuant to the
provisions of section 24-51-602 (1), if on such date the member would have been
older than sixty years of age.
(c) For a member who is not a state trooper, who is eligible to retire on and
after July 1, 1998, but on or before January 1, 2011, and who retires upon reaching
sixty years of age or older but before reaching sixty-five years of age, a reduced
service retirement benefit shall be the option 1 benefit for service retirement, as
calculated according to the formula set forth in section 24-51-603, reduced by four
percent for each year and a proportional percentage for each fraction of a year
from the effective date of reduced service retirement to the date the member
would have become eligible for a service retirement pursuant to the provisions of
section 24-51-602 (1).
(2) Repealed.
(3) Notwithstanding the provisions of subsection (1) of this section, on and
after July 1, 1993, for a member who is not a state trooper, who is eligible for a
reduced service retirement benefit as of January 1, 2011, and who retires upon
reaching fifty years of age or older but before reaching fifty-five years of age, a
reduced service retirement benefit shall be the option 1 benefit for service
retirement, as calculated according to the formula set forth in section 24-51-603,
reduced by:
(a) Six percent for each year and a proportional percentage for each fraction
of a year from the effective date of reduced service retirement to the date the
member would have reached fifty-five years of age, or the date the member would
have become eligible for a service retirement pursuant to the provisions of section
24-51-602 (1) if earlier than fifty-five years of age; and
(b) Three percent for each year and a proportional percentage for each
fraction of a year from the date the member reaches fifty-five years of age to the
date the member would have become eligible for a service retirement pursuant to
the provisions of section 24-51-602 (1), if on such date the member would have been
older than fifty-five years of age.
(4) For a member, DPS member, or inactive member who is not eligible for a
retirement benefit as of January 1, 2011, the following provisions shall apply:
(a) For a member or inactive member who retires prior to reaching eligibility
for a full service retirement benefit pursuant to section 24-51-602, a reduced
service retirement benefit shall be the option 1 benefit for service retirement, as
calculated according to the formula set forth in section 24-51-603, reduced by an
actuarially determined percentage to ensure that, as of the effective date of
retirement, the benefit is the actuarial equivalent of the service retirement benefit.
(b) For a DPS member who retires prior to reaching eligibility for retirement
pursuant to section 24-51-1713 or 24-51-602, whichever is applicable, a retirement
with an actuarial reduction shall be the option A benefit as calculated according to
the formula set forth in section 24-51-1715 (1)(a)(I) or 24-51-603, whichever is
applicable, reduced by an actuarially determined percentage to ensure that the
benefit, as of the effective date of retirement, is the actuarial equivalent of the
retirement benefit without an actuarial reduction.