Section 12-18-154

(Effective November 8, 2016, subject to contingencies) Service retirement allowance.

(a) Any member who withdraws from service upon or after attainment of age 62 may retire upon written application to the Board of Control setting forth at what time, not less than 30 days nor more than 90 days subsequent to the execution and filing thereof, he or she desires to be retired; provided, that any such member shall have completed 10 or more years of membership service in the Judges' and Clerks' Plan.

(b) Any member who has attained age 62 and has previously withdrawn from service may retire upon written application to the Board of Control setting forth at what time, not less than 30 days nor more than 90 days subsequent to the execution and filing thereof, he or she desires to be retired; provided, that any such member shall have completed 10 or more years of membership service.

(c) Upon retirement from service, a member who is a clerk shall receive a service retirement allowance which shall consist of an annuity, which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement, and a pension, which when added to the member's annuity shall be equal to three percent (3%) of the member's average final compensation multiplied by the member's number of years of membership service. Notwithstanding the foregoing, the service retirement allowance shall not exceed eighty percent (80%) of the member's average final compensation.

(d) Upon retirement from service, a member who is a judge shall receive a service retirement allowance which shall consist of an annuity, which shall be the actuarial equivalent of the member's accumulated contributions at the time of retirement, and a pension, which when added to the member's annuity shall be equal to four percent (4%) of the member's average final compensation multiplied by the member's number of years of membership service. Notwithstanding the foregoing, the service retirement allowance shall not exceed seventy-five percent (75%) of the member's average final compensation. A member who is a judge and who has attained 18 or more years of membership service shall be entitled to a retirement allowance of seventy-five percent (75%) of the member's average final compensation.

(Act 2015-498, §6.)