19-3-904. Amount of service retirement benefit. (1) The monthly amount of retirement benefit payable to a member following service retirement is the greater of subsection (1)(a) or (1)(b) as follows:
     (a) one fifty-sixth of the member's final average salary multiplied by the number of years of the member's total service credit; or
     (b) a monthly annuity that is the actuarial equivalent of double the member's accumulated regular contributions.
     (2) If a member dies after retirement and has not elected an optional retirement allowance provided for in 19-3-1501, the member's beneficiary will be paid the excess, if any, of the member's accumulated contributions on the day the member's retirement allowance commenced over the total of the retirement allowance payments made to the retired member.

     History: En. 68-2003 by Sec. 31, Ch. 323, L. 1973; amd. Sec. 9, Ch. 128, L. 1975; amd. Sec. 2, Ch. 241, L. 1977; amd. Sec. 12, Ch. 332, L. 1977; R.C.M. 1947, 68-2003; amd. Sec. 2, Ch. 73, L. 1989; amd. Sec. 3, Ch. 558, L. 1989; amd. Sec. 69, Ch. 265, L. 1993.