(a) Superannuation retirement benefit.

(1) ELIGIBILITY. A member shall be eligible for a superannuation retirement benefit if:

a. The member has 30 or more years of paid membership time, regardless of age;

b. The member has 10 or more years of paid membership time and has attained the age of 60; or

c. The member has 30 years of service, 20 years of which are paid membership time, and has attained the age of 55.

(2) CALCULATION OF BENEFIT. If a member meets the foregoing eligibility criteria, then the member shall be eligible to retire and receive a monthly benefit for the remainder of his or her life to be determined by the following formula:

a. Two and one-half percent multiplied by the basic average salary multiplied by the number of years of paid membership time; plus

b. Five-eights of one percent multiplied by the basic average salary multiplied by the number of years of unpaid membership time, if applicable.

(3) SEVENTY-FIVE PERCENT LIMITATION. Notwithstanding the foregoing, no member shall receive any retirement benefit in excess of 75 percent of his or her basic average salary. This 75 percent limitation shall only be applied at the time that the beginning retirement benefit is determined and shall not limit increases granted to retired members subsequent to their retirement. Additionally, this 75 percent limitation shall be applied before applying any actuarial adjustments to reflect survivor benefits.

(4) SECTION 401(a)(17), INTERNAL REVENUE CODE, LIMITATION. Notwithstanding the foregoing provisions of this subsection, after applying the § 401(a)(17), Internal Revenue Code, compensation limit set forth in subdivision (11) of Section 45-37-123.01, the pension board, with the assistance of an actuary, shall determine the adjustments to any or all of the components or factors of the benefit formula, other than paid membership time, unpaid membership time, and/or the basic average salary as limited by the compensation limit that would be necessary to yield the maximum benefit specified under this part, without regard to § 401(a)(17), Internal Revenue Code; the pension board shall then use such adjusted benefit formula to determine the maximum benefit due from the plan, subject, however, to Subpart 6, Internal Revenue Code, Section 415 limitations.

(5) ELIGIBILITY FOR JOINT SURVIVORSHIP PENSION. A member that is entitled to a superannuation retirement benefit shall be entitled to instead elect a joint survivorship pension, as provided for under Section 45-37-123.101.

(6) DEATH. If a member dies while receiving payment of a superannuation retirement benefit, the return of any remaining portion of his or her employee contributions shall be governed by Section 45-37-123.104(5)d. If the member has received payments in an amount at least equal to the amount of employee contributions he or she made to the plan at the time of death, then no further payments shall be made upon the member’s death.

(b) Early retirement benefits.

(1) REGULAR EARLY RETIREMENT. A member may elect, but is not required, to retire prior to age 60 if the member has completed 30 or more years of service, 10 of which, but not the total 30, are paid membership time. In the event that a member makes such an election, such member shall be entitled to receive an early retirement benefit equal to the member’s benefit that would be payable pursuant to subsection (a), but with an actuarial equivalent reduction for each year less than 60 years of age, as follows:

(2) TWENTY-FIVE YEAR EARLY RETIREMENT BENEFIT. On and after April 24, 2003, a member with at least 25 years of paid membership time, but less than 30 years of paid membership time, who is not eligible for a superannuation retirement benefit may elect to retire early, but is not required to do so. In the event that a member makes such an election, such member shall be entitled to receive a 25-year early retirement benefit equal to the member’s benefit that would be payable under superannuation retirement benefit pursuant to subsection (a), but with an actuarial equivalent reduction of seven percent for each whole year less than 30 years. For purposes of the seven percent reduction, months are not counted.

(3) ELIGIBILITY FOR JOINT SURVIVORSHIP PENSION. A member that is entitled to an early retirement benefit shall be entitled to instead elect a joint survivorship pension, as provided for under Section 45-37-123.101.

(4) DEATH. If a member dies while receiving payment of an early retirement benefit, the return of any remaining portion of his or her employee contributions shall be governed by Section 45-37-123.104(5)d. If the member has received payments in an amount at least equal to the amount of employee contributions he or she made to the plan at the time of death, then no further payments shall be made upon the member’s death.

(c) Deferred retirement benefits.

(1) GENERAL RULES FOR DEFERRED RETIREMENT BENEFITS.

a. Ineligibility for Deferred Retirement Benefit if Eligible for Superannuation Retirement Benefit. If a member is eligible for superannuation retirement benefit, then he or she is not eligible for a deferred retirement benefit.

b. Withdrawal of Employee Contributions. A member who has elected a deferred retirement benefit may at any time before payment of such benefit commences withdraw in full his or her employee contributions, without interest. However, no deferred retirement benefit shall be paid to a member who withdraws such employee contributions.

c. Eligibility for Joint Survivorship Pension. A member that is entitled to a deferred retirement benefit shall be entitled to instead elect a postretirement joint survivorship pension provided for under Section 45-37-123.101.

d. Death. If a member dies before or after payment of his or her deferred retirement benefit commences, the return of his or her employee contributions to the plan shall be governed by Section 45-37-123.104(5)b. or d., respectively.

(2) REGULAR DEFERRED RETIREMENT BENEFIT.

a. Eligibility. Subject to the general eligibility requirements stated in subdivision (1), a member may elect a regular deferred retirement benefit if he or she has at least 10 years of paid membership time.

b. Calculation of Benefit/Vesting. The regular deferred retirement benefit shall be calculated by multiplying the superannuation retirement benefit that the member would have been entitled to had he or she been 60 years of age when he or she terminated employment, times a percentage, which percentage shall be determined based upon the member’s paid membership time, as follows:

1. Ten years of paid membership time: 50 percent.

2. Eleven years of paid membership time: 60 percent.

3. Twelve years of paid membership time: 70 percent.

4. Thirteen years of paid membership time: 80 percent.

5. Fourteen years of paid membership time: 90 percent.

6. Fifteen or more years of paid membership time: 100 percent.

c. Commencement of Payment. Payment of a member’s regular deferred retirement benefit shall commence upon the date that the member reaches the age of 60 and shall continue for the life of the member, regardless of whether the member is employed with another employer at the time payment is to commence.

(3) INVOLUNTARY DEFERRED RETIREMENT BENEFIT.

a. 20/55 Provisions. Subject to the general eligibility requirements stated in subdivision (1), a member who is not entitled to voluntarily retire pursuant to subsection (a), superannuation retirement benefit, or subdivision (1) of subsection (b), regular early retirement benefit, but who is involuntarily retired after accumulating 20 years of service with the county, at least 10 of which is paid membership time, shall be entitled to receive a monthly benefit computed in accordance with the formula set forth in subsection (a), superannuation retirement benefit, the payment of which shall commence upon his or her retirement if he or she has attained the age of 55; if the member has not attained the age of 55, payment shall be delayed until the member’s attainment of age 55.

b. 18/60 Provisions. Subject to the general eligibility requirements stated in subdivision (1) and to this paragraph, a member who is not entitled to voluntarily retire pursuant to subsection (a), superannuation retirement benefit, or subdivision (1) of subsection (b), regular early retirement benefit, but who is involuntarily retired after accumulating 18 years of service with the county, at least 10 of which is paid membership time, shall be entitled to receive a monthly benefit computed in accordance with the formula set forth in subsection (a), superannuation retirement benefit, the payment of which shall commence as set forth below.

1. Member contributions. In order to receive a benefit under paragraph b., a member shall contribute to the plan from the date of the member’s involuntary retirement to the date that the benefit commences, by the last day of each calendar month: (i) the amount of employee contributions that he or she would have made if he or she had continued to be employed by the county at the same salary as he or she was receiving at the time of his or her termination of employment, plus (ii) the amount which the county would have contributed to the plan on the member’s behalf if he or she had continued to be employed by the county at the same salary as he or she was receiving at the time of his or her termination of employment.

2. Commencement of payment. Payment of a member’s involuntary deferred retirement benefit under paragraph b. shall commence upon the earlier of: (i) the date on which the member attains the age of 60; or (ii) the date on which the member would have completed 30 years of service with the county, if he or she had continued employment with the county, regardless of whether the member is employed with another employer at the time payment is to commence; provided however, that if at the time payment of the deferred retirement benefit commences, he or she has not attained the age of 60, the amount of his or her monthly benefit computed in accordance with subsection (a), superannuation retirement benefit, shall be reduced in the same manner as the early retirement benefit is reduced under subdivision (1) of subsection (b).

(d) Offset for payment of hospital, surgical, and medical benefits. To the extent that the county, with sufficient advance written notice, so directs the system, the system shall offset the monthly benefit amount payable to a retired member by an amount, determined by the county, needed to pay for the member’s premiums for certain hospital, surgical, and/or medical benefits sponsored by the county. The system shall pay such withheld amounts to the county on a monthly basis. In the event that the county makes an error in its written direction to the system, the system shall not be required to correct such error by adjusting its withholdings; rather, such error shall be corrected between the county and the member. At any time a written opinion from a competent actuary selected by the commission is made indicating that the funds and assets of the system are not actuarially sound, then the benefits of this subsection shall cease to be in effect until such time as an actuary appointed by the commission gives a written opinion that the system is financially sound. Any such actuarial services shall be paid for by the system.