(1) A retiree under this system shall receive an allowance equal to: (a) 2.5% of final average monthly salary multiplied by the number of years of service credit, limited to 20 years; plus (b) 2% of final average monthly salary, multiplied by the number of years of service credit in excess of 20 years. (2) (a) Except as modified by cost-of-living adjustments and except as provided under Subsection (2) (b), an allowance under this system may not exceed 70% of a retiree's final average monthly salary. (b) The allowance limitation under Subsection (2)(a) does not apply to a member who initially retires on or after July 1, 2010.
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