(a) A participant having attained age 60 or older and having completed five or more years of credited service, or having completed 30 or more years of credited service without regard to age, shall be entitled upon his or her voluntary retirement to a monthly retirement benefit equal to one of the following:
(1) With respect to a retiree who first became a participant on or before the first day of July after nine years after date of establishment, forty percent of his or her final average salary, plus one and three thousand three hundred thirty-four thousandths percent (1.3334%) of his or her final average salary multiplied by his or her years of credited service in excess of 15 years.
(2) With respect to a retiree who first becomes a participant subsequent to the first day of July nine years after date of establishment, and becomes entitled to a normal retirement benefit and retires on or before July 1, 1990, two percent of his or her final average salary shall be multiplied by such retiree's years of credited service.
(3) With respect to a retiree who first becomes a participant subsequent to the first day of July nine years after the establishment, and becomes entitled to a normal retirement benefit and retires after July 1, 1990, and on or before June 30, 2001, two and twenty-five hundredths percent (2.25%) of his or her final average salary multiplied by such retiree's years of credited service.
(4) With respect to a retiree who first becomes a participant subsequent to the first day of July nine years after the establishment, and becomes entitled to a normal retirement benefit and retires on or after July 1, 2001, two and fifty one-hundredths percent (2.50%) of his or her final average salary multiplied by such retiree's years of credited service, subject to any future action of the board of managers.
(b) Effective July 1, 2006, the retiree of the board of health who becomes entitled to a normal retirement benefit and retires after that date, two and fifty one-hundredths percent (2.5%) of his or her final average salary multiplied by such retiree's years of credited service shall be the normal retirement benefit of such participant, subject to any future action of the board of managers.
(c) Subject to the provisions of Section 45-37A-51.237, the amount of any retirement benefit determined under this section which may have commenced to be paid in accordance with the system shall continue to be paid throughout the life of the retiree.
(d) Notwithstanding anything to the contrary contained in this section, all participants who first become participants on or after July 1, 2017, and who have attained age 62 or older and have completed 10 or more years of credited service, or who have completed 30 or more years of credited service without regard to age, and who become entitled to a normal retirement benefit, shall be entitled on his or her voluntary retirement to a monthly retirement benefit equal to 2.25 percent of his or her final average salary multiplied by the retiree's years of credited service subject to the limitation in subsection (b) of Section 45-37A-51.221.
Last modified: May 3, 2021