(a) Annual pension. Each participant, other than one who is receiving a disability retirement pension in accordance with § 5-5-205, 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.
(c) Tier two employees. Except as otherwise provided in this plan, any participant who ceased to be an active participant before July 1, 2000 in the status of a tier two employee shall continue to have pension benefits based on the provisions of this plan as it existed prior to July 1, 2000, including provisions pertaining to tier two employees.
(1985 Code, Art. 7, § 5-203) (Bill No. 90-01)