(a) Annual pension. Each participant, other than one who is receiving a disability retirement pension in accordance with § 5-4-206, who retires on or after the participant's normal retirement date, is entitled to receive an annual pension equal to:
(1) 2.5% of the participant's final average basic pay multiplied by each year of credited service (excluding credited pre-plan military service), not exceeding 20 years; plus
(2) 2% of the participant's final average basic pay multiplied by each year of credited service (excluding credited pre-plan military service), exceeding 20 years; plus
(3) 2% of the participant's final average basic pay multiplied by each year of credited pre-plan military service.
(b) Maximum benefit. The maximum benefit is 70% of final average basic pay, except that a participant's maximum benefit may exceed 70% of the participant's final average basic pay to the extent that the amount of the pension in excess of 70% is based on disability leave service and credited pre-plan military service.
(1985 Code, Art. 7, § 4-203) (Bill No. 90-01)