Annuity: Amount

(a)Formula. The basic retirement annuity payable to any member shall be the following:

(1)an amount equal to two percent (2.0%) of average annual salary for each of the first ten

(10)years of credited service, and two and one half percent (2.5%) of average annual salary for each year, or part thereof, of credited service over ten

(10)years;

(2)in addition, there shall be added to the amount set forth in Subsection

(1)an amount equal to Twenty Dollars ($20.00) multiplied by each year of credited service, the total of which shall then be reduced by an amount equal to one hundredth of one percent (.01%) of said total for each One Dollar ($1.00) that a member’s average annual salary exceeds the amount of Six Thousand Dollars ($6,000.00);

(3)no basic retirement annuity shall exceed eighty-five percent (85%) of average annual salary; and CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(4)the basic retirement annuity shall not, in any case, be less than One Thousand Two Hundred Dollars ($1,200.00) per year per member.

(b)Automatic Increases in Annuity. Any member receiving a basic retirement annuity and entitled to benefits under this Chapter shall receive each year on the anniversary date of the member’s retirement or entitlement, an automatic “sliding scale” increase in the member’s annual annuity, to be computed as follows:

(1)members receiving an annual annuity of Three Thousand Five Hundred Dollars ($3,500.00) or less shall receive an automatic annual increase of Six Hundred Dollars ($600.00);

(2)members receiving an annual annuity of more than Three Thousand Five Hundred Dollars ($3,500.00), but not more than Six Thousand Three Hundred Dollars ($6,300.00), shall receive an automatic annual increase of Four Hundred Dollars ($400.00);

(3)members receiving an annual annuity of more than Six Thousand Three Hundred Dollars ($6,300.00) but not more than Ten Thousand One Hundred Dollars ($10,100.00) shall receive an automatic annual increase of Three Hundred Dollars ($300.00); and

(4)members receiving an annual annuity of more than Ten Thousand One Hundred Dollars ($10,100.00) shall receive an automatic annual increase of Two Hundred Dollars ($200.00).

(c)Recomputation of Annuities Previously Given. The basic retirement annuity set forth in Subsection

(a)shall be recomputed as follows:

(1)any member who commenced receiving a retirement annuity on or after September 1, 1972, but prior to July 1, 1984, and entitled to benefits under this Chapter shall have the member’s basic annuity recomputed to reflect a one time One Hundred Dollar ($100.00) increase to that member’s basic retirement annuity; and

(2)any member who commenced receiving a retirement annuity prior to September 1, 1972 shall have the member’s basic retirement annuity recomputed based upon the formula set forth in Subsection

(a)of this Section; provided, however, that any member receiving a retirement annuity on September 1, 1972 which is greater than the basic retirement annuity recomputed pursuant to Subsection

(a)of this Section shall have that member’s basic retirement annuity recomputed to reflect an amount equal to the sum of that member’s annuity on September 1, 1972, plus five percent (5%) of the member’s annuity on said date.

(d)Additions to Recomputed Annuities. The recomputed retirement annuity set forth in Subsection

(c)shall be subject to any of the following applicable non-cumulative additions:

(1)any member who commenced receiving a retirement annuity prior to October 1, 1995, and who is entitled to benefits under this Chapter, shall receive, during the fiscal years commencing on October 1, 2002, and ending on February 28, 2003, an additional Four Thousand Two Hundred ThirtyEight Dollars ($4,238.00), to replace the amount known as the sum of the One Thousand Two Hundred Dollars ($1,200.00), One Thousand Five Hundred Dollar ($1,500.00), Seven Hundred Dollars ($700.00), and Eight Hundred Thirty-Eight Dollars ($838.00) supplemental annuity benefits formerly contained in various General Appropriation Acts.

(2)any member who commenced receiving a retirement annuity prior to October 1, 1999, and who is entitled to benefits under this Chapter, shall receive, during the fiscal years commencing on October 1, 1999 and ending on September 30, 2001, an additional One Thousand One Hundred Dollars ($1,100.00), to replace the annual cost of living increase formerly contained in various General Appropriation Acts; and CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(3)any member who commenced receiving a retirement annuity on or after October 1, 1999, but prior to January 1, 2000, and who is entitled to benefits under this Chapter shall receive, during the fiscal year commencing on October 1, 2000 and ending on September 30, 2001, an additional One Thousand One Hundred Dollars ($1,100.00), to replace the annual cost of living increase formerly contained in various General Appropriation Acts.

(4)Any member who commenced receiving a retirement annuity on or after January 1, 2000, but prior to October 1, 2000, and who is entitled to benefits under this Chapter shall receive, during the fiscal year commencing on October 1, 2000 and ending September 30, 2001, an additional One Thousand One Hundred Dollars ($1,100.00), to replace the annual cost of living increase formerly contained in various General Appropriation Acts.

(5)Any retirement annuitant who commenced receiving a retirement annuity prior to October 1, 1995, and who is entitled to retirement benefits under this Chapter shall receive, during the period commencing on March 1, 2003, and ending on October 28, 2003, prospective, non-cumulative supplemental annuity benefits as follows:

(A)Two Thousand Four Hundred Seventy-Two ($2,472.00) in Class 1 Retiree Supplemental Annuity Benefits, known as the sum of One Thousand Two Hundred Dollars ($1,200.00), One Thousand Five Hundred Dollars ($1,500.00), Seven Hundred Dollars ($700.00), and Eight Hundred Thirty-Eight Dollars ($838.00) in annual benefits formerly contained in various General Appropriation Acts, for those employees who retired as of October 1, 1977.

(B)One Thousand Seven Hundred Seventy-Two Dollars ($1,772.00) in Class 2 Retiree Supplemental Annuity Benefits comprised of the sum of One Thousand Five Hundred Dollars ($1,500.00), Seven Hundred Dollars ($700.00), and Eight Hundred Thirty-Eight Dollars ($838.00) in annual annuity benefits formerly contained in various General Appropriation Acts, for those employees who retired between October 2, 1977, and October 1, 1980.

(C)One Thousand Three Hundred Sixty-Four Dollars ($1,364.00) in Class 3 Retiree Supplemental Annuity Benefits, comprised of the sum of One Thousand Five Hundred Dollars ($1,500.00), and Eight Hundred Thirty-Eight Dollars ($838.00) in annual annuity benefits formerly contained in various General Appropriation Acts, for those employees who retired between October 2, 1980, and October 1, 1982.

(D)Eight Hundred Seventy-Five Dollars ($875.00) in Class 4 Retiree Supplemental Annuity Benefits, composed of the sum of One Thousand Five Hundred Dollars ($1,500.00) in annual annuity benefits, formerly contained in various General Appropriation Acts, for those employees who retired between October 2, 1982 and October 1, 1995, or their survivors.

(E)No persons eligible for Class 1, 2, 3 or 4 Retiree Supplemental Annuity Benefits provided for in paragraph

(5)of this Section shall receive such benefit if their regular annual retirement annuity prior to the supplemental amounts herein is more than Forty Thousand Dollars ($40,000.00). Persons eligible for Class 1, 2, 3, or 4 Retiree Supplemental Annuity Benefits shall only receive an amount of such benefits up to the total aggregate sum of Forty Thousand Dollars ($40,000.00) in combined retirement annuities and supplemental retirement annuities and not more.

(6)Any retirement annuitant who commenced receiving a retirement annuity prior to October 1, 1995, and who is entitled to retirement benefits under this Chapter, shall receive, during the period commencing on October 1, 2025,through September 30, 2026, for Fiscal Year 2026, prospective, noncumulative supplemental annuity benefits as follows: CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(A)Four Thousand Two Hundred Thirty-eight Dollars ($4,238) in Retiree Supplemental Annuity Benefits, known as the sum of One Thousand Two Hundred Dollars ($1,200), One Thousand Five Hundred Dollars ($1,500), Seven Hundred Dollars ($700), and Eight Hundred Thirty-eight Dollars ($838) in annual benefits formerly contained in various General Appropriation Acts.

(B)No retiree who is eligible for Retiree Supplemental Annuity Benefits provided for in this Subsection shall receive such benefit if her/his regular annual retirement annuity, excluding the supplemental amounts authorized herein and survivor benefits, exceeds Forty Thousand Dollars ($40,000). A retiree who is eligible for Retiree Supplemental Annuity Benefits shall receive no more than Forty Thousand Dollars ($40,000) in combined retirement annuities and supplemental retirement annuities.

(C)Any retiree or survivor eligible to receive the supplemental annuity may waive the supplemental annuity payment authorized herein by the filing of a notarized affidavit waiving such payment with the Retirement Fund.