Current with changes from the 2024 Legislative Session
Section 28-401 - Service retirement(a)(1) Subject to paragraphs (2) and (3) of this subsection, a member may retire with a normal service retirement allowance if, on or before the date of retirement, the member: (i) has at least 25 years of eligibility service;(ii) is at least 62 years old; or(iii) is at least 60 years old and has transferred to the Local Fire and Police System from the Employees' Retirement System.(2) To retire under this subsection, a member shall complete and submit a written application to the Board of Trustees on the form that the Board of Trustees provides stating the date when the member desires to retire.(3) A member may not retire before the first day of the month after employment ends.(b) Except as provided in subsections (c) and (d) of this section, on retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member's creditable service multiplied by: (1) 1% of the member's average final compensation that is not in excess of the Social Security integration level; and(2) 1.5% of the member's average final compensation that exceeds the Social Security integration level.(c)(1) This subsection applies to a member: (i) who has not transferred from the Employees' Retirement System; and(ii) whose employer does not contribute to Social Security.(2) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals the number of years of the member's creditable service multiplied by 1.5% of the member's average final compensation.(d)(1) This subsection applies to a member who has transferred from the Employees' Retirement System.(2) On retirement under this section, a member is entitled to receive a normal service retirement allowance that equals:(i) 2% of the member's average final compensation multiplied by each year of the member's first 30 years of creditable service; and(ii) 1% of the member's average final compensation multiplied by each year of creditable service in excess of 30 years.