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(1) A retiree under this system shall receive an allowance equal to:
(a) 5% of the final average monthly salary multiplied by the number of years of service credit, limited to 10 years; plus
(b) 2.25% of the final average monthly salary multiplied by the number of years of service credit in excess of 10 years and up to and including 20 years; plus
(c) 1% of the final average monthly salary multiplied by the number of years of service credit in excess of 20 years.
(2)
(a) Except as modified by cost-of-living adjustments and except as provided under Subsection (2)(b), an allowance under this system may not exceed 75% of the member's final average monthly salary.
(b) The allowance limitation under Subsection (2)(a) does not apply to a member who initially retires on or after July 1, 2010.
(3) If the retiree has attained the age of 55 years and has 20 years or more but less than 25 years of service credit, the retiree shall receive an early retirement reduction to the allowance based on an actuarial calculation assuming a normal retirement age of 65 years.