(1) (a) The base retirement amount for a governor under this plan is $500 per term, adjusted as provided in Section 49-19-404 since 1973. (b) A governor's allowance shall be calculated by multiplying the base retirement amount at the retirement date by the number of terms the governor served, including fractions of terms. (2) (a) The base retirement amount for a legislator under this plan is $10 per year of service in the Legislature, adjusted as provided in Section 49-19-404, since 1967. (b) A legislator's allowance shall be calculated by multiplying the base retirement amount at the retirement date by the number of years the legislator served, including fractions of years. (3) If a governor or legislator retires prior to age 65, the allowance shall be reduced by 3% for each year of retirement between age 62 and age 65.
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