Each participant, other than one who is receiving a disability retirement pension in accordance with § 5-3-307, who retires on or after the participant's normal retirement date, is entitled to receive an annual pension equal to:
(1) for a tier one employee:
(i) 2% of the participant's final average basic pay multiplied by each year of credited service, excluding disability leave service and credited pre-plan military service, not exceeding 60% of final average basic pay; plus
(ii) 2% of final average basic pay multiplied by the sum of disability leave service and credited pre-plan military service; and
(2) for a tier two employee, 1% of the participant's final average basic pay multiplied by each year of credited service.
(1985 Code, Art. 7, § 3-303) (Bill No. 90-01)