Except as provided in § 8-36-209 , the service retirement allowance of a member other than a prior class member shall consist of:
(1)A member annuity which shall be the actuarial equivalent of the member's accumulated contributions at retirement, plus a state annuity which, when added to the member annuity, shall be equal to:
(A)In the case of a member in Group 1, one and one-half percent (1.5%) of the member's average final compensation, multiplied by the number of years of creditable service, plus one-fourth of one percent (0.25%) of the member's average final compensation in excess of the social security integration level applicable at the time of retirement, multiplied by the number of years of the member's creditable service;
(B)In the case of a member in Group 2, one and three-fou
Free access — add to your briefcase to read the full text and ask questions with AI
Except as provided in § 8-36-209 , the service retirement allowance of a member other than a prior class member shall consist of: (1) A member annuity which shall be the actuarial equivalent of the member's accumulated contributions at retirement, plus a state annuity which, when added to the member annuity, shall be equal to: (A) In the case of a member in Group 1, one and one-half percent (1.5%) of the member's average final compensation, multiplied by the number of years of creditable service, plus one-fourth of one percent (0.25%) of the member's average final compensation in excess of the social security integration level applicable at the time of retirement, multiplied by the number of years of the member's creditable service; (B) In the case of a member in Group 2, one and three-fourths percent (1.75%) of the member's average final compensation, multiplied by the number of years of creditable service plus one-half of one percent (0.5%) of the member's average final compensation in excess of the social security integration level applicable at the time of retirement, multiplied by the number of years of creditable service plus one-half of one percent (0.5%) of the average final compensation not in excess of the social security integration level, multiplied by four-tenths of one percent (0.4%) for each month which the member's age is less than sixty-five (65) years of age, multiplied by years of service; (C) In the case of a member in Group 3, two percent (2%) of the member's average final compensation, multiplied by the number of years of creditable service plus one-half of one percent (0.5%) of the member's average final compensation in excess of the social security integration level applicable at the time of retirement, multiplied by the number of years of creditable service, plus one-half of one percent (0.5%) of the average final compensation not in excess of the social security integration level, multiplied by four-tenths of one percent (0.4%) for each month which the member's age is less than sixty-five (65) years of age, multiplied by years of service; (D) In the case of a member in Group 4, two and one-half percent (2.5%) of the member's average final compensation, multiplied by the number of years of creditable service; (2) However, in the case of a member who at the time of retirement has not accumulated sufficient quarters of coverage under the Social Security Act ( 42 U.S.C. § 301 et seq.), to qualify for social security benefits at sixty-five (65) years of age, the member's annuity plus the state annuity shall equal: (A) In the case of a member in Group 1, one and three-fourths percent (1.75%) of the member's average final compensation, multiplied by the number of years of creditable service; (B) In the case of a member in Group 2, two and one-fourth percent (2.25%) of the member's average final compensation, multiplied by the number of years of creditable service; or (C) In the case of a member in Group 3, two and one-half percent (2.5%) of the member's average final compensation, multiplied by the number of years of creditable service.