§ 49-12-408. Minimum monthly allowance.

Latest version.

(1) A retiree under this system may not receive less than $9 per month for each year of service credit at the time of retirement.

(2) The increased allowance provided by this section may not exceed the allowance payable under Option One under Section 49-12-402, by more than 75%.

(3) The cost of providing this benefit shall be assumed within the contribution rate established under Section 49-12-301.

Renumbered and Amended by Chapter 250, 2002 General Session

                    
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