§88-332 Service retirement allowance.

301 words·~1 min read·/hi/chapter-88/88-332

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Upon retirement from service, a class H member who became a member before July 1, 2012, shall receive a maximum retirement allowance as follows:

(1)If the member has met the requirements in section 88-331(a), (b), or (d), a maximum retirement allowance of two per cent of the average final compensation multiplied by the number of years of class H credited service, plus a retirement allowance at the rate of one and one-fourth per cent of the member's average final compensation multiplied by the number of years of class C credited service; or

(2)If the member has met the requirements in section 88-331(c), an early retirement allowance equal to the maximum retirement allowance calculated as provided in paragraph (1), reduced by 0.4166 per cent for each month the member is less than age sixty-two at retirement.

(b)Upon retirement from service, a class H member who becomes a member after June 30, 2012, shall receive a maximum retirement allowance as follows:

(1)If the member has met the requirements in section 88‑331(a), (b), or (d), a maximum retirement allowance of one and three-fourths per cent of the average final compensation multiplied by the number of years of class H credited service, plus a retirement allowance at the rate of one and one‑fourth per cent of the member's average final compensation multiplied by the number of years of class C credited service; or

(2)If the member has met the requirements in section 88‑331(c), an early retirement allowance equal to the maximum retirement allowance calculated as provided in paragraph (1), reduced by 0.4166 per cent for each month the member is less than age sixty-five at retirement. [L 2004, c 179, pt of §1; am L 2005, c 58, §26; am L 2011, c 163, §14]