Section 27-210-58-102 - Calculation of the additional benefit for a retireeEffective July 1, 2002, the additional benefit shall be equal to the sum of:
1. An amount equal to three percent (3[CENT]) of the annual retirement allowance multiplied by the number of full fiscal years in retirement before the end of the fiscal year in which the member reaches age sixty (60) or the age established in the latest phase that has been implemented under subsection (3) of this section, plus2. An additional amount equal to three percent (3[CENT]) compounded by the number of full fiscal years in retirement beginning with the fiscal year in which the member reaches age sixty (60) or the age established in the latest phase that has been implemented under subsection (3) of this section, multiplied by the amount of the annual retirement allowance.3. The amount of the additional benefit provided is calculated using the following formula: [ (1.03)n - 1] x [annual retirement allowance], where n is the number of full fiscal years in retirement beginning with the fiscal year in which the member reaches age sixty (60).
4. In the calculation of the additional benefit payment, the age at which the compounding begins may be lowered in accordance with § 25-13-12(3), when, and only when, the mathematical calculations performed by the actuary using the assumptions adopted by the board reflect that compounding the portion of the additional benefit provided in paragraph 2 above at an age lower than 60 will not cause the unfunded accrued actuarial liability amortization period to exceed twenty (20) years.5. Effective July 1, 2002, the age at which compounding begins is age sixty (60).27 Miss. Code. R. 210-58-102