For any participant eligible for normal retirement prior to October 1, 2011, the participant's
monthly benefit level is the product of the vesting credits earned by the participant
multiplied by three (3.00) percent of Average Final Compensation.
For any participant not eligible for normal retirement prior to October 1, 2011, the
participant's monthly benefit level is the product of the vesting credits earned by
the participant prior to October 1, 2011, multiplied by three (3.00) percent of average
final compensation plus the product of the vesting credits earned by the participant
on or after October 1, 2011, multiplied by 2.75 percent of average final compensation.
Notwithstanding the foregoing, on or after March 1, 2017, the participant's monthly
benefit level is the product of the vesting credits earned by the participant, multiplied
by three (3.00) percent of average final compensation.
The actual benefit amount is determined by making the adjustment, if any, for early
retirement and for the form of benefit which the participant selects.
Provided that the monthly benefit level for participants over the age of forty-two
(42) years with more than seventeen (17) years of credited service who retire on or
after May 31, 2000, and prior to December 17, 2000, is the product of the vesting
credits earned multiplied by three point forty-four one five (3.4415) percent of the
Average Final Compensation.
