19-7-501. Eligibility for service retirement. (1) Subject to a member’s right to a refund of the member’s accumulated contributions under Title 19, chapter 2, part 6, a member who has completed at least 20 years of membership service is eligible for a nonforfeitable service retirement benefit under 19-7-503. (2) For purposes of compliance with section 411 of […]
19-7-502. Retirement option. A member with at least 5 but less than 20 years of membership service may retire with a retirement benefit commencing no sooner than the first day of the month following the member’s 50th birthday. The retirement benefit must be calculated to be the actuarial equivalent of the member’s service retirement benefit as […]
19-7-503. Service retirement benefit. (1) The amount of any service retirement benefit granted to a member is 2.5% of the member’s highest average compensation for each year of service credit. (2) When a retired member receiving an option 1 retirement benefit under 19-7-1001 dies, the member’s designated beneficiary or, if there is no surviving designated beneficiary, the […]
19-7-504. Repealed. Sec. 8, Ch. 248, L. 1997. History: En. 68-2614 by Sec. 14, Ch. 178, L. 1974; amd. Sec. 5, Ch. 59, L. 1977; R.C.M. 1947, 68-2614; amd. Sec. 2, Ch. 105, L. 1981; amd. Sec. 1, Ch. 116, L. 1991; amd. Sec. 147, Ch. 265, L. 1993; amd. Sec. 6, Ch. 162, L. 1995.
