§2165.5. Annual amount of retirement allowance

            A.(1) The annual amount of the retirement allowance for any member who upon retirement has less than thirty years of creditable service in this system shall be three percent of the average final compensation for each year of creditable service earned in a position covered by this system.

            (2) The annual amount of the retirement allowance for any member who upon retirement has at least thirty years of creditable service, with at least twenty years of creditable service earned in a position covered by this system, shall be three and one-third percent of the average final compensation for each year of creditable service earned in a position covered by this system.

            (3) Creditable service transferred to this system pursuant to R.S. 11:143 shall be governed by the provisions of that Section.

            B. The benefits provided in this Section shall not exceed one hundred percent of average compensation.

            Acts 2012, No. 719, §1, eff. June 30, 2012; Acts 2018, No. 614, §1, eff. July 1, 2018.