The option 3 benefits provided for in this part 9 shall be the same as those benefits specified in section 24-51-801 (1)(c) and calculated pursuant to the provisions of section 24-51-603 or 24-51-605.5 (2), whichever provides the greater benefit, as if the deceased member had retired on the day of death; but in no case shall the option 3 benefits be less than twenty-five percent of the deceased member's highest average salary if the deceased member had at least ten years of service credit.
Source: L. 87: Entire article R&RE, p. 1069, § 1, effective July 1. L. 88: Entire section amended, pp. 962, 971, §§ 16, 8, effective July 1. L. 95: Entire section amended, p. 555, § 11, effective July 1.
Editor's note: This section is similar to former §§ 24-51-125 and 24-51-612 as they existed prior to 1987. For a detailed comparison, see the comparative tables located in the back of the index.