Effective 01 Jan 2000, see footnote
50.1060. Normal annuity, amount, limitation — board to recommend adjustments to formula. — 1. The normal annuity of a retired member who is not a member of LAGERS shall be a monthly benefit equal to the greater of:
(1) Twenty-four dollars multiplied by years of creditable service, up to a maximum of twenty-five years; or
(2) An amount determined according to the formula: the target replacement ratio applicable to the member times the member's average final compensation minus the member's monthly primary Social Security amount and that times the member's years of creditable service, up to a maximum of twenty-five years, divided by twenty-five or ((TRR x AFC) - PSSA) x (CS ÷ by 25).
2. The normal annuity of a retired member who is also a member of LAGERS shall be sixty-six and two-thirds percent of the normal annuity determined pursuant to subsection 1 of this section.
3. As provided in subsection 1 of section 50.1150, the normal annuity of a member shall not be less than the annuity the member had earned as of the day before January 1, 2000, under the terms of the retirement system in effect on that date.
4. The board may recommend to the general assembly adjustments to the formulas described in this section, provided:
(1) The recommended adjustment to the formula is actuarially feasible; and
(2) The adjustment does not reduce the annuity a member had earned as of the date of the adjustment; provided, however, that the provisions of section 50.1010 apply and the board is authorized to apportion benefits if funds are not available to pay accrued benefits.
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(L. 1994 S.B. 579 § 7, A.L. 1999 S.B. 308 & 314 merged with S.B. 467)
Effective 1-01-00
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