19-6-707. Minimum monthly benefit.
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19-6-707 . Minimum monthly benefit.
(1)Subject to the limitations contained in subsection (2), the following retired members, or their survivors, who are not covered by 19-6-710 , 19-6-711 , or 19-6-712 are eligible to receive a monthly benefit of not less than 2% multiplied by the member's service credits multiplied by the current base compensation received by a probationary highway patrol officer:
(a)a retired member who is 55 years of age or older, except as provided in subsection (3), or the member's survivor, who is receiving a service retirement benefit;
(b)a retired member, or the member's survivor, who is receiving a disability retirement benefit; and
(c)a recipient of a survivorship benefit.
(a)The maximum monthly benefit paid under subsection
(1)may not exceed 60% of the current base compensation of a probationary highway patrol officer.
(b)The annual increase in a monthly benefit under subsection
(1)may not exceed 5% of the current monthly benefit paid to a retired member or the member's survivor.
(3)A retired member otherwise qualified under subsection (1)(a) who is employed in a position covered by a retirement system under Title 19 is ineligible to receive the minimum monthly benefit provided for in this section until the member's service in the covered position is terminated.