Section 24-51-609 - Service credit exceeding twenty years

(1) Service credit in excess of twenty years accrued on or before July 1, 1969, shall be included in the computation of the option 1 initial benefit for service retirement pursuant to the provisions of section 24-51-603 or 24-51-605, whichever is applicable.(2) On or before July 1, 1993, the association shall recalculate the initial benefit for all benefit recipients whose benefits became effective prior to July 1, 1992, pursuant to the benefit formula specified by the provisions of section 24-51-603 or 24-51-605, whichever is applicable. The association shall provide benefits to all such benefit recipients based upon such recalculated initial benefits effective from July 1, 1992.L. 87: Entire article R&RE, p. 1063, § 1, effective July 1. L. 92: Entire section amended, p. 1135, § 5, effective July 1.This section is similar to former § 24-51-139 as it existed prior to 1987.