Section 24-51-603 - Benefit formula for service retirement(1)(a) Except as otherwise provided in subsection (2) of this section, effective July 1, 1997, the option 1 benefit or option A benefit, whichever is applicable, for service retirement for members shall be calculated by multiplying the highest average salary by two and one-half percent times each year and fraction of a year of service credit. The following formula shall be used for this calculation: Highest Average Salary x (.025 x Years and Fraction of a Year).
(b) (Deleted by amendment, L. 92, p. 1134, § 4, effective July 1, 1992.)(2)(a) (Deleted by amendment, L. 97, p. 773, § 11, effective July 1, 1997.)(b) Except as otherwise provided in paragraph (c) of this subsection (2), on and after July 1, 1999, members of the judicial division who were members of that division on or before July 1, 1973, shall be eligible to receive an option 1 benefit upon retiring, which shall be calculated by multiplying the highest average salary by four percent times each year and fraction of a year for the first ten years of service credit, and by one and two-thirds percent times each year and fraction of a year in excess of ten years up to sixteen years of service credit, and by one and one-half percent times each year and fraction of a year in excess of sixteen years up to twenty years of service credit, and by two and one-half percent times each year and fraction of a year in excess of twenty years of service credit. The following formula shall be used for this calculation: Highest Average Salary x [(.04 x Years and Fraction of a Year through 10 Years) + (.0166 x Years and Fraction of a Year over 10 and up to 16 Years) + (.015 x Years and Fraction of a Year over 16 and up to 20 Years) + (.025 x Years and a Fraction of a Year over 20 Years)].
(c) For any member of the judicial division who retires on or after July 1, 1999, and who is eligible to receive a benefit under this subsection (2), the association shall calculate the member's option 1 benefit under either subsection (1) of this section or this subsection (2), whichever results in the greater benefit.(d) On July 1, 1999, for any member of the judicial division whose benefit became effective prior to July 1, 1999, and who is eligible to receive a benefit under this subsection (2), the association shall calculate the member's option 1 base benefit prospectively for benefit payments payable on or after July 1, 1999, under either subsection (1) of this section or this subsection (2), whichever results in the greater benefit. The association shall provide benefits to all such benefit recipients based upon such recalculated base benefits effective July 1, 1999.(3)(a) Regardless of total years of service credit, the option 1 benefit or option A benefit, whichever is applicable, calculated pursuant to the provisions of this part 6 shall not exceed an amount equal to one hundred percent of the highest average salary, nor shall the option 1 benefit or option A benefit, whichever is applicable, exceed the maximum permitted under federal income tax law.(b) (Deleted by amendment, L. 97, p. 773, § 11, effective July 1, 1997.)(c) Except as provided in subsection (2) of this section, on July 1, 1997, for benefit recipients whose benefits became effective prior to July 1, 1997, the association shall recalculate each recipient's option 1 base benefit as set forth in subsection (1) of this section, prospectively for benefit payments payable on or after July 1, 1997. The association shall provide benefits to all such benefit recipients based upon such recalculated base benefits effective July 1, 1997.L. 87: Entire article R&RE, p. 1060, § 1, effective July 1; (1) and (2) amended, p. 1098, § 6, effective July 1. L. 88: (1) amended and (2) and (3) R&RE, p. 969, 970, §§ 2, 3, effective July 1. L. 89: (1) amended, p. 1070, § 3, effective July 1. L. 92: (1) and (3) amended, p. 1134, § 4, effective July 1. L. 95: (3) amended, p. 265, § 9, effective July 1. L. 97: Entire section amended, p. 773, § 11, effective July 1. L. 99: (2)(b), (2)(c), and (2)(d) amended, p. 341, § 5, effective July 1. L. 2010: IP(1)(a) and (3)(a) amended, (SB 10 -001), ch. 2, p. 15, § 13, effective 1/1/2011.The provisions of this section are similar to provisions of several former sections as they existed prior to 1987.