Sec. 14. (a) Benefits provided under this section are subject to IC 33-38-6-13 and section 20 of this chapter.
(b) A participant who:
(1) applies for a retirement benefit; and
(2) is at least:
(A) sixty-five (65) years of age; or
(B) fifty-five (55) years of age and meets the requirements under section 13(2)(B) of this chapter;
is entitled to an annual retirement benefit as calculated in subsection (c).
(c) The annual retirement benefit for a participant who meets the requirements of subsection (b) equals the product of:
(1) the applicable salary determined under subsection (e); multiplied by
(2) the percentage prescribed in the following table: