On and after the effective date of this section, the allowances of retirants receiving benefits based on an award from the school employees retirement system made on or after June 30, 1955, and before 1971, shall have the benefit recalculated by the school employees retirement system so that each such person shall receive an annual single lifetime benefit or its actuarial equivalent of not less than eighty-six dollars for each year of the member's total service credit, multiplied by the total number of years of service credit, except that service credit exceeding thirty-two years shall not be used in the recalculation, and a final average salary limitation shall not be applied. If the amount of the benefit recalculated under this section is less than the amount that is payable before the effective date of this section, then the greater benefit shall be continued.
Effective Date: 08-20-1976
Section: Previous 3309.344 3309.345 3309.35 3309.351 3309.353 3309.354 3309.36 3309.361 3309.362 3309.37 3309.371 3309.372 3309.373 3309.374 3309.375 NextLast modified: October 10, 2016