(a) Notwithstanding former AS 39.37.050, a former member of the Alaska Territorial Legislature who is receiving a benefit on June 5, 1989 under the Elected Public Officers Retirement System and who has at least 30 years of credited service in the territorial and state legislatures may elect a benefit under this subsection instead of the benefit under former AS 39.37.050. The monthly amount of a benefit under this subsection is the greater of the member's years of credited service multiplied by
(1) the member's average monthly compensation and that amount multiplied by two percent; or
(2) $100.
(b) Notwithstanding former AS 39.37.060, a surviving spouse receiving a benefit under the Elected Public Officers Retirement System whose spouse met the requirements of (a) of this section at the time of the spouse's death may elect a benefit under this subsection instead of the benefit under former AS 39.37.060. The amount of a benefit under this subsection is 50 percent of the amount calculated for the deceased spouse under (a) of this section.
(c) Benefits payable under this section accrue from the first day of the month following receipt of an application for benefits under this section and are payable on the last day of the month.
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