Sec. 4. (a) The computation of benefits under this section is subject to IC 5-10.2-2-1.5.
(b) For retirement benefits payable on and after July 1, 1975, for a member retired on and after January 1, 1956, the pension (p) is computed as follows:
STEP ONE: Multiply one and one-tenths percent (1.1%) times the average of the annual compensation (aac) and obtain a product.
STEP TWO: To obtain the pension, multiply the STEP ONE product by the total creditable service (scr) completed by the member on the member's retirement date.
Expressed mathematically:
p = (.011) times (aac) times (scr)
(c) If a member purchases an annuity under this title on any date, the amount purchasable on that date is the part of the amount credited to the member in the annuity savings account that the member designates for the purchase of the annuity. The amount purchasable is based on actuarial tables adopted by the board under IC 5-10.2-2-10 at an interest rate determined by the board under IC 5-10.5-4-2.6.
As added by Acts 1977, P.L.53, SEC.2. Amended by Acts 1980, P.L.28, SEC.6; P.L.35-1985, SEC.14; P.L.45-1988, SEC.1; P.L.55-1989, SEC.18; P.L.195-1999, SEC.16; P.L.115-2008, SEC.12; P.L.177-2014, SEC.3; P.L.40-2017, SEC.10.