(1) The minimum monthly pension portion of the retirement allowance under an option A settlement shall be the greater of:
Such pension amount payable as a part of the retirement allowance computed underthe provisions of section 24-51-1715 in the case of a member retiring for superannuation.
The minimum benefits in effect on or after January 1, 1974, and prior to January 1,1985, as governed by the DPS plan document.
Effective January 1, 1985, the sum of fifteen dollars, multiplied by the number ofwhole years of accredited service plus additional whole months expressed as a fraction of a year of accredited service but in no event in excess of the total sum of one hundred fifty dollars, plus the sum of twenty dollars multiplied by the number of whole years of accredited service in excess of ten years plus additional whole months expressed as a fraction of a year of accredited service. These minimum benefits shall not apply to retirements previous to January 1, 1985.
The minimum monthly pension portion of the retirement allowance under optionsother than option A shall be computed by taking such minimum amount as established under an option A settlement and making the appropriate reduction to reflect the additional actuarial factors involved under such other option pursuant to the applicable tables then in use.
Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1373, § 56, effective January 1, 2010.