Section 45-8A-22.76 Retirement at age 60; benefit calculation.
Section 45-8A-22.76
Retirement at age 60; benefit calculation.
The retirement board shall retire from service any participant who has attained the age of 60 years, and such member shall be entitled to receive a monthly benefit from the plan equal to three percent of the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by the number of his or her years of continuous service; credit shall not be counted for continuous service in excess of 30 years.
(Act 2002-298, p. 815, §18; Act 2002-304, p. 841, §18.)