§ 49-14-402. Calculation of retirement allowance.

Latest version.

(1)

A retiree under this system shall receive an allowance equal to:

(a)	2.5% of final average monthly salary multiplied by the number of years of service credit, limited to 20 years; plus

(b)	2% of final average monthly salary, multiplied by the number of years of service credit in excess of 20 years.

(2)

(a)	Except as modified by cost-of-living adjustments and except as provided under Subsection (2)(b), an allowance under this system may not exceed 70% of a retiree's final average monthly salary.

(b)	The allowance limitation under Subsection (2)(a) does not apply to a member who initially retires on or after July 1, 2010.

Amended by Chapter 264, 2010 General Session

                    
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