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RESOLUTION
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(e) Same - Alternate elections.
(1) Instead of the service retirement allowance provided in subsection (d) of this
section, at retirement, a member may elect to receive a service retirement allowance to be paid as
provided in either paragraph (2) or paragraph (3) of this subsection, but subject to the limitations
set forth in paragraph (4) of this subsection.
(2) A member may elect to receive a service retirement allowance equal to the
sum of:
(i) The benefit payable with respect to the member's creditable service
prior to January 1, 1971, computed at the rates and otherwise in accordance with the statutory
pension plan, commencing at the time provided in the statutory pension plan and based on the
member's highest annual earnable compensation as a member of the General Assembly prior to
January 1, 1971; and
(ii) The benefit payable with respect to the member's creditable service
after January 1, 1971, computed as set forth in § 7(d) of this Item 3A and commencing at age 62.
(3) A member may elect to receive a service retirement allowance computed with
respect to all of the member's creditable service, computed at the rates and otherwise in
accordance with the statutory pension plan, commencing at the time provided in the statutory
pension plan and based upon the member's highest annual earnable compensation as a member
of the General Assembly prior to January 1, 1971.
(4) (i) Unless the member served as an eligible presiding officer, the service
retirement allowance payable under paragraph (2) of this subsection may not exceed 70% of the
salary payable to a current legislator in the General Assembly. If the member served as an
eligible presiding officer, the service retirement allowance may not exceed 70% of the salary
currently payable to a presiding officer.
(ii) A member may receive the service retirement allowance payable under
paragraph (3) of this subsection if the member files a written notice of the election with the
Board of Trustees.
9. Reduced service retirement allowance.
(a) Eligibility for retirement. A member may retire with a reduced service retirement
allowance if the member:
(1) Is not currently serving in the General Assembly;
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4964
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