3-12C-1102. Limitations on final average compensation for foundation members whose contributory service concluded before July 1, 2020.
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/sd/title-3/chapter-3-12/3-12c-1102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For any foundation member whose contributory service concluded before July 1, 2020, if the compensation received in the last calendar quarter considered exceeds a set percentage of the amount in the highest previous calendar quarter, or if the average compensation received in the last four calendar quarters considered exceeds a set percentage of the amount earned in the highest calendar quarter prior to the last four calendar quarters considered, only the lesser amount shall be considered and the excess may not be included in the computation of final average compensation. Those respective set percentages are as follows:
(1)Before July 1, 2004, one hundred twenty-five percent and one hundred fifteen percent;
(2)Between July 1, 2004, and June 30, 2005, one hundred fifteen percent and one hundred ten percent; and
(3)After June 30, 2005, one hundred five percent and one hundred five percent.