19-20-804. Allowance for service retirement -- professional retirement option allowance -- creditable service limitation.
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19-20-804 . Allowance for service retirement -- professional retirement option allowance -- creditable service limitation.
(1)Upon termination, a tier one or tier two member who qualifies for benefits pursuant to 19-20-801
(1)or
(2)must receive a retirement allowance equal to one-sixtieth of the member's average final compensation, as limited by 19-20-715 , multiplied by the sum of the number of years of creditable service.
(a)Upon termination, a tier two member who qualifies for benefits pursuant to 19-20-801
(3)must receive a professional retirement option allowance equal to 1.85% of the member's final average compensation, as limited by 19-20-715 , multiplied by the sum of the member's years of creditable service.
(b)For the purpose of calculating the professional retirement option, creditable service does not include:
(i)service credited before the member became a tier two member even if the member redeposits the member's withdrawn contributions pursuant to 19-20-427 ; or
(ii)service credit transferred under 19-20-409 .