38-885. Normal retirement; conditions and pension

A. A member may retire if the member:

1. Files a written application for normal retirement with the plan in the form prescribed by the plan.

2. Ceases to be an employee before the date of retirement.

3. Meets one of the age and service requirements for normal retirement prescribed in subsection B, D or F of this section.

B. A member who becomes a member of the plan before January 1, 2012 is eligible for a normal retirement pension if the member satisfies one of the following requirements:

1. Is at least sixty-two years of age and has ten or more years of service.

2. Has twenty or more years of service or, in the case of a dispatcher, twenty-five or more years of service.

3. The sum of the member's age and years of credited service equals at least eighty.

C. A member who meets the requirements for a normal retirement pension pursuant to subsection B of this section and who has twenty years or twenty-five years, as applicable, of credited service is entitled to receive a pension that equals fifty percent of the member's average monthly salary, except that:

1. If the member retires with more than twenty years of credited service the foregoing amount shall be increased by a monthly amount equal to two percent of the member's average monthly salary multiplied by the number of the member's years of credited service in excess of twenty years, with pro rata increase for any fractional years, except that if a member retires with twenty-five or more years of credited service the foregoing amount shall be increased by a monthly amount equal to two and one-half percent of the member's average monthly salary multiplied by the number of the member's years of credited service in excess of twenty years, with pro rata increase for any fractional year.

2. If the member retires pursuant to subsection B of this section but has less than twenty years of credited service, the member is entitled to receive a pension equal to the product of:

(a) Two and one-half percent of the member's average monthly salary.

(b) The member's credited service.

D. A person who becomes a member of the plan on or after January 1, 2012 and before July 1, 2018 is eligible for a normal retirement pension if the person satisfies one of the following requirements:

1. Is at least sixty-two years of age and has ten or more years of service.

2. Is at least fifty-two and one-half years of age and has twenty-five or more years of service.

E. A person who meets the requirements for a normal retirement pension pursuant to subsection D of this section and who has twenty-five years of credited service is entitled to receive a pension that equals sixty-two and one-half percent of the member's average monthly salary, except that:

1. If the person retires with more than twenty-five years of credited service the foregoing amount shall be increased by a monthly amount equal to two and one-half percent of the member's average monthly salary multiplied by the number of the member's years of credited service in excess of twenty-five years, with pro rata increase for any fractional year.

2. If the person retires pursuant to subsection D of this section but has less than twenty-five years of credited service, the person is entitled to receive a pension equal to the product of:

(a) Two and one-half percent of the member's average monthly salary.

(b) The member's credited service.

F. A member who becomes a member of the plan on or after July 1, 2018 is eligible for a normal retirement pension if the member is at least fifty-five years of age and has ten or more years of credited service. A person who becomes a member of the plan on or after July 1, 2018 and who retires on or after the member's normal retirement date shall receive a monthly amount equal to the member's average monthly salary multiplied by the number of whole and fractional years of credited service multiplied by the following:

1. 1.25 percent if the member has at least ten years of credited service but less than fifteen years of credited service.

2. 1.50 percent if the member has at least fifteen years of credited service but less than twenty years of credited service.

3. 1.75 percent if the member has at least twenty years of credited service but less than twenty-two years of credited service.

4. 2.00 percent if the member has at least twenty-two years of credited service but less than twenty-five years of credited service.

5. 2.25 percent if the member has at least twenty-five years of credited service.

G. In no case shall the amount of a member's pension exceed eighty percent of the member's average monthly salary. Such limitation does not preclude cost-of-living increases granted by the legislature.