38-757

38-757. Normal retirement

A. After application on a form prescribed by the director, a member may retire on
reaching the member's normal retirement date.

B. Except as provided in section 38-768, a member who meets the requirements for
retirement benefits at normal retirement shall receive a monthly life annuity that equals
the result of paragraph 1 multiplied by paragraph 2 when those paragraphs are defined as
follows:

1. The number of whole and fractional years of credited service times the
following:

(a) 2.10 per cent if the member does not have more than 19.99 years of credited
service.

(b) 2.15 per cent if the member has at least 20.00 years of credited service but
not more than 24.99 years of credited service.

(c) 2.20 per cent if the member has at least 25.00 years of credited service but
not more than 29.99 years of credited service.

(d) 2.30 per cent if the member has at least 30.00 years of credited service.

2. The member's average monthly compensation.

C. Employers shall provide evidence of, and certify to, in a manner provided by the
board, the member's average monthly compensation if that information is not already
available from the records of ASRS.