RS 2072 - Annual amount of retirement allowance
A. The annual amount of the retirement allowance for persons who retired from this system on or before June 30, 1999, shall be three percent of the average compensation for each year of creditable service.
B.(1) The annual amount of the retirement allowance for any person who is an active contributing member of this system on or after July 1, 1999, and whose first employment making him eligible for membership in the system occurred on or before January 1, 2013, shall be equal to three and one-third percent of the average compensation for each year of creditable service.
(2) For any former active contributing member who returns to service as an active contributing member on and after July 1, 1999, and whose first employment making him eligible for membership in the system began prior to January 1, 2013, the provisions of this Subsection shall apply only to the service credit earned after the date such member returns to service.
C. The retirement allowance provided to a member pursuant to the provisions of this Section shall not exceed one hundred percent of the member's average compensation.
Acts 1989, No. 202, §1; Redesignated from R.S. 18:1732 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 1999, No. 1273, §1, eff. July 1, 1999; Acts 2012, No. 526, §§1, 2, eff. July 1, 2012; Acts 2016, No. 423, §1, eff. June 9, 2016.