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7/28/2021 SL 2018-22(HB 284) <br /> 13 <br /> thereof for each month by which the retirement date precedes the <br /> first day of the month coincident with or next following the <br /> member's 65th birthday_ <br /> C. If the member's early service retirement date occurs on or after the <br /> member's 50th birthday and before the member's 60th birthday and <br /> after completion of 20 years of creditable service but prior to the <br /> completion of 30 years of creditable service, the early service <br /> retirement allowance shall be equal to the greater of the following <br /> amounts: <br /> 1. The service retirement allowance as computed under <br /> G.S. 135-5(b21).(2)a. but reduced by the sum of <br /> five-twelfths of one percent (5/12 of 1%) thereof for each <br /> month by which the member's retirement date precedes the <br /> first day of the month coincident with or next following the <br /> month the member would have attained his 60th birthday., <br /> plus one-quarter of one percent (1/4 of 1%) thereof for <br /> each month by which the member's 60th birthday_precedes <br /> the first day of the month coincident with or next following <br /> the member's 65th birthday_ <br /> 2. The service retirement allowance as computed under <br /> G.S. 135-5(b21)_(2)a. reduced by five percent (5%) times <br /> the difference between 30 years and the amount of <br /> creditable service at retirement. <br /> 3. If the member's creditable service commenced prior to July_ <br /> 1, 1994, the service retirement allowance equal to the <br /> actuarial equivalent of the allowance payable at the age of <br /> 60 years as computed in G.S. 135-5(b21).(2)b. <br /> d. Notwithstanding the foregoing-provisions, any member whose <br /> creditable service commenced prior to July 1, 1963, shall not <br /> receive less than the benefit provided by G.S. 135-5(b)_" <br /> SECTION 3.(d) G.S. 135-5(m)reads as rewritten: <br /> "(m) Survivor's Alternate Benefit. — Upon the death of a member in service, the <br /> beneficiary designated to receive a return of accumulated contributions shall have the right to <br /> elect to receive in lieu thereof the reduced retirement allowance provided by Option 2 of <br /> subsection (g) above computed by assuming that the member had retired on the first day of <br /> the month following the date of h4�—the member's death, provided that all four of the <br /> following conditions apply: <br /> (1) a. The member had attained such age and/or creditable service to be <br /> eligible to commence retirement with an early or service <br /> retirement allowance, or <br /> b. The member had obtained 20 years of creditable service in which <br /> case the retirement allowance shall be computed in accordance <br /> with <br /> G.S. 135-5(b21).(1)c. or G.S. 135-5(b21).(2)c., notwithstanding the <br /> requirement of obtaining age 50, or <br /> bl. The member was a law enforcement officer who had obtained 15 <br /> years of service as a law enforcement officer and was killed in the <br /> line of duty, in which case the retirement allowance shall be <br /> computed in accordance with <br /> 135-5(b21)(1)c., notwithstanding the requirement of <br /> obtaining age 50. <br /> C. Repealed by Session Laws 2010-72, s. 2(a), effective July 1, 2010. <br /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 8/13 <br />