§ 28-401. Service retirement

   (a) Age and service requirement. --

   (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) Computation of normal service retirement allowance -- In general. -- 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) Computation of normal service retirement allowance -- No Social Security contributions. --

   (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) Computation of normal service retirement allowance -- Transferees from Employees' Retirement System. --

   (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.

HISTORY: An. Code 1957, art. 73B, § 10-217; 1994, ch. 6, § 2.