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7/28/2021 SL 2018-22(HB 284) <br /> 12 <br /> final compensation, multiplied by the number of years of the <br /> member's creditable service. <br /> b. If the member's service retirement date occurs prior to the <br /> member's 50th birthday and after the completion of 25 years of <br /> creditable service with a minimum of 15 years of creditable <br /> service in a law enforcement capacity but before the completion of <br /> 30 years of creditable service, the retirement allowance shall be <br /> equal to the greater of the following amounts: <br /> 1. The service retirement allowance payable under <br /> G.S. 135-5(b21).(1)a. reduced by one-third of one percent <br /> (1/3 of I%) thereof for each month by which the member's <br /> retirement date precedes the first day of the month <br /> coincident with or next following the month the member <br /> would have attained age 55. <br /> 2. The service retirement allowance as computed under <br /> G.S. 135-5(b21).(1)a. reduced by five percent (5%) times <br /> the difference between 30 years and the member's <br /> creditable service at retirement plus four percent (4%) <br /> times the difference between age 50 and the member's age <br /> at retirement. <br /> C. If the member's service retirement date occurs on or after the <br /> member's 50th birthday and before the member's 55th birthday_ <br /> with 15 or more years of creditable service as a law enforcement <br /> officer and prior to the completion of 30 years of creditable <br /> service, the retirement allowance shall be equal to the greater of <br /> the following amounts: <br /> 1. The service retirement allowance payable under <br /> G.S. 135-5(b21).(I)a. reduced by one-third of one percent <br /> .( /3 of 1%) thereof for each month by which the retirement <br /> date precedes the first day of the month coincident with or <br /> next following the month the member would have attained <br /> age 55. <br /> 2. The service retirement allowance as computed under <br /> G.S. 135-5(b21)_(I)a. reduced by five percent (5%) times <br /> the difference between 30 years and the amount of <br /> creditable service at retirement. <br /> (2). A member who is not a law enforcement officer or an eligible former law <br /> enforcement officer shall receive a service retirement allowance computed <br /> as follows: <br /> a. If the member's service retirement date occurs on or after the <br /> member's 65th birthday upon the completion of five years of <br /> membership service, or after the completion of 30 years of <br /> creditable service, or on or after his 60th birthday upon the <br /> completion of 25 years of creditable service, the allowance shall <br /> be equal to one and eighty-two hundredths percent (1.82%) of the <br /> member's average final compensation, multiplied by the number of <br /> years of creditable service- <br /> b. If the member's service retirement date occurs after the member's <br /> 60th birthday and before the member's 65th birthday and prior to <br /> the completion of 25 years or more of creditable service, the <br /> retirement allowance shall be computed as in G.S. 135-5(b21).(2)a. <br /> but shall be reduced by one-quarter of one percent (1/4 of 1%) <br /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 7/13 <br />