19-3-904. Amount of service retirement benefit. The monthly amount of retirement benefit payable to a member following service retirement is the greater of subsection (1) or (2) as follows:
     (1) one fifty-sixth of the member's final average salary multiplied by the number of years of the member's total service credit; or
     (2) a monthly benefit that is the actuarial equivalent of double the member's regular contributions plus regular interest.

     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; amd. Sec. 31, Ch. 562, L. 1999.