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7/28/2021 SL 2018-22(HB 284) <br /> 15 <br /> service, the allowance shall be equal to one and eighty-five <br /> hundredths percent (1.85%) of average final compensation, <br /> multiplied by the number of years of creditable service. <br /> b. If the member's service retirement date occurs after his 60th <br /> birthday and before his 65th birthday and prior to his completion <br /> of 25 years or more of creditable service, his retirement allowance <br /> shall be computed as in G.S. 128-27(b21)(2) a. but shall be <br /> reduced by one-quarter of one percent (1/4 of 1%) thereof for each <br /> month by which his retirement date precedes the first day of the <br /> month coincident with or next following his 65th birthday. <br /> C. If the member's early service retirement date occurs on or after his <br /> 50th birthday and before his 60th birthday and after completion of <br /> 20 years of creditable service but prior to the completion of 30 <br /> years of creditable service, his early service retirement allowance <br /> shall be equal to the greater of: <br /> 1. The service retirement allowance as computed under <br /> G.S. 128-27(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 his retirement date precedes the first day <br /> of the month coincident with or next following the month <br /> the member would have attained his 60th birthday, plus <br /> one-quarter of one percent (1/4 of 1%) thereof for each <br /> month by which his 60th birthday precedes the first day of <br /> the month coincident with or next following his 65th <br /> birthday; or <br /> 2. The service retirement allowance as computed under <br /> G.S. 128-27(b21)(2)a. reduced by five percent (5%) times <br /> the difference between 30 years and his creditable service <br /> at retirement; or <br /> 3. If the member's creditable service commenced prior to July <br /> 1, 1995, 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. 128-27(b21)(2)b. <br /> d. Notwithstanding the foregoing provisions, any member whose <br /> creditable service commenced prior to July 1, 1965, shall not <br /> receive less than the benefit provided by G.S. 128-27(b)." <br /> SECTION 3.(g) G.S. 128-27 is amended by adding a new subsection to read: <br /> "(b22). Service Retirement Allowance of Member Retiring on or After July 1, 2018. — <br /> Upon retirement from service in accordance with subsection (a) or (al) of this section, on or <br /> after July 1, 2018, a member shall receive the following service retirement allowance: <br /> U). A member who is 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 55th birthday and completion of five years of creditable <br /> service as a law enforcement officer, or after the completion of 30 <br /> years of creditable service, the allowance shall be equal to one and <br /> eighty-five hundredths percent (1.85%) of the member's average <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 /> file:///C:/Users/bbartholomew/Documents/ATT 3 ABTRACT 9 14 2021 SL 2018-22(HB 284).html 10/13 <br />