72-1435. VOLUNTARY RETIREMENT — YEARS OF SERVICE DETERMINE PENSION BENEFIT. (1) Any Option I firefighter, as provided in section 72-1434, Idaho Code, who has had the contributions remitted as provided in sections 72-1431 and 72-1432, Idaho Code, for the same number of years as he claims for service as a paid firefighter in Idaho, may at his option retire, and upon retirement shall be paid from the public employee retirement account a monthly sum during the remainder of his life equal to:
(a) after twenty (20) years of service and contributions, forty percent (40%) of the average paid firefighter’s salary or wage; or
(b) after twenty-one (21) years of service and contributions, forty-five percent (45%) of the average paid firefighter’s salary or wage; or
(c) after twenty-two (22) years of service and contributions, fifty percent (50%) of the average paid firefighter’s salary or wage; or
(d) after twenty-three (23) years of service and contributions, fifty-five percent (55%) of the average paid firefighter’s salary or wage; or
(e) after twenty-four (24) years of service and contributions, sixty percent (60%) of the average paid firefighter’s salary or wage; or
(f) after twenty-five (25) years of service and contributions, sixty-five percent (65%) of the average paid firefighter’s salary or wage.
All benefit payments to Option I firefighters shall be based on the average paid firefighter’s salary or wage in this state as defined in section 72-1431, Idaho Code. Option I monthly benefit payments shall vary annually according to the determination of the cost of living adjustment as set forth in section 72-1471, Idaho Code.
(2) Any Option II firefighter, as provided in section 72-1434, Idaho Code, who has had the contributions remitted as provided in sections 72-1431 and 72-1432, Idaho Code, for the same number of years as he claims for service as a paid firefighter in Idaho, may at his option retire, and upon retirement shall be paid from the public employee retirement account a monthly sum during the remainder of his life equal to:
(a) after twenty (20) years of service and contributions, forty percent (40%) of his average salary or wage; or
(b) after twenty-one (21) years of service and contributions, forty-five percent (45%) of his average salary or wage; or
(c) after twenty-two (22) years of service and contributions, fifty percent (50%) of his average salary or wage; or
(d) after twenty-three (23) years of service and contributions, fifty-five percent (55%) of his average salary or wage; or
(e) after twenty-four (24) years of service and contributions, sixty percent (60%) of his average salary or wage; or
(f) after twenty-five (25) years of service and contributions, sixty-five percent (65%) of his average salary or wage.
All benefit payments to Option II firefighters shall be based on his average final compensation as defined in section 72-1404, Idaho Code. Option II monthly benefit payments shall vary annually according to the determination of the cost of living adjustment as set forth in section 72-1471, Idaho Code.
History:
[(72-1435) 1980, ch. 50, sec. 32, p. 95; am. 1990, ch. 211, sec. 5, p. 475; 1990, am. and redesignated, ch. 231, sec. 90, p. 654.]