CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR, SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS, OFFICES, PROGRAMS, ETC.

§5-10-22. Retirement annuity.

(a) Upon a member's retirement, as provided in this article, he or she shall receive a straight life annuity equal to one and five-tenths percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her credited service in force at the time of his or her retirement, subject to reduction if necessary to comply with the maximum benefit provisions of Section 415 of the Internal Revenue Code and section twenty-seven-a of this article: Provided, That the final average salary used in this calculation does not include any lump sum payment for unused, accrued leave of any kind or character. The credited service used for this calculation may not include any period of limited credited service: Provided, however, That after March 1, 1970, all members retired and all members retiring shall receive a straight life annuity equal to two percent of his or her final average salary multiplied by the number of years, and fraction of a year, of his or her credited service, exclusive of limited credited service in force at the time of his or her retirement, subject to reduction if necessary to comply with the maximum benefit provisions of Section 415 of the Internal Revenue Code and section twenty-seven-a of this article. In either event, upon his or her retirement he or she has the right to elect an option provided in section twenty-four of this article. All annuity payments shall commence effective the first day of the month following the month in which a member retires or a member dies leaving a beneficiary entitled to benefits and shall continue to the end of the month in which the retirant or beneficiary dies, and the annuity payments may not be prorated for any portion of a month in which a member retires or retirant or beneficiary dies. Any member receiving an annuity based in part upon limited credited service is not eligible for the supplements provided in sections twenty-two-a through twenty-two-d, inclusive, of this article.

(b) The annuity of any member of the Legislature who participates in the retirement system as a member of the Legislature and who retires under this article or of any former member of the Legislature who has retired under this article (including any former member of the Legislature who has retired under this article and whose annuity was readjusted as of March 1, 1970, under the former provisions of this section) shall be increased from time to time during the period of his or her retirement when and if the legislative compensation paid under section two, article two-a, chapter four of this code, to a member of the Legislature shall be increased to the point where a higher annuity would be payable to the retirant if he or she were retiring as of the effective date of the latest increase in legislative compensation, but on the basis of his or her years of credited service to the date of his or her actual retirement.

Bills Affecting §5-10-22

2009 Regular Session: HB2116
2009 Fourth Special Session: SB4003
2009 Fourth Special Session: HB403
2009 Regular Session: SB68
2008 Regular Session: HB2003
2008 Regular Session: HB2054
2008 Regular Session: SB26
2007 Regular Session: HB2003
2007 Regular Session: HB2054
2007 Regular Session: HB2456
2007 Regular Session: SB47
2006 Regular Session: SB128
2006 Regular Session: HB2051
2006 Regular Session: HB2159
2006 Regular Session: HB2373
2006 Regular Session: HB4597
2005 Regular Session: HB2051
2005 Regular Session: HB2159
2005 Regular Session: HB2373
2005 Regular Session: HB2909
2005 Regular Session: HB2984
2005 Regular Session: SB33
2005 Regular Session: SB462
2005 Regular Session: SB502
2004 Regular Session: HB2252
2004 Regular Session: HB2418
2004 Regular Session: HB4105
2004 Regular Session: SB88
2003 Regular Session: HB2252
2003 Regular Session: HB2418
2003 Regular Session: HB2738
2003 Regular Session: SB429
2002 Regular Session: SB107
2002 Regular Session: HB2965
2002 Regular Session: HB4357
2001 Regular Session: SB150
2001 Regular Session: HB2965
2000 Regular Session: SB159
2000 Regular Session: HB2289
2000 Regular Session: SB394
2000 Regular Session: HB4102
2000 Regular Session: SB54
1999 Regular Session: HB2289
1999 Regular Session: SB4
1999 Regular Session: SB586
1998 Regular Session: HB2258
1998 Regular Session: SB448
1998 Regular Session: HB4611
1998 Regular Session: SB70
1997 Regular Session: HB2121
1997 Regular Session: HB2258
1997 Regular Session: SB296
1996 Regular Session: HB4179
1996 Regular Session: HB4220
1996 Regular Session: HB4361
1996 Regular Session: HB4389
1996 Regular Session: SB526