Section 45-8A-22.74 Credit for continuous service - Retirement eligibility and benefit. - Alabama Statutes

Section 45-8A-22.74

Credit for continuous service - Retirement eligibility and benefit.

(a) For participants hired before May 29, 1979. Any person who was a participant on July 1, 2002, who has been in continuous service as such participant for a period of 20 years shall be entitled to retire and receive a monthly benefit from the plan equal to three percent of the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by the number of his or her years of continuous service; provided, however, that he or she shall not receive credit for continuous service in excess of 30 years.

(b) For participants hired on and after May 29, 1979. Any person who was not a participant on July 1, 2002, and who has been in continuous service as such participant for a period of 25 years shall be entitled to retire and receive a monthly benefit from the plan equal to three percent of the average of his or her monthly compensation for the last three years preceding his or her retirement multiplied by the number of his or her years of continuous service; provided, however, that he or she shall not receive credit for continuous service in excess of 30 years.

(c) For the calculation of any benefits under the terms of this subpart, "compensation" shall mean regular pay, overtime pay, and comp pay earned in the preceding 36 months prior to retirement.

(Act 2002-298, p. 815, §16; Act 2002-304, p. 841, §16; Act 2003-215, p. 546, §1.)