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(2) For the purpose of making the computation under | | subparagraph (1), the board-approved tables of annuities | | in effect at the date of the member's retirement are | | used. |
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| | | For the purpose of calculating creditable service under this | | subsection only, "creditable service" includes time during | | which a member participated in the voluntary cost-savings | | plan or the voluntary employee incentive program, authorized | | by Public Law 1989, chapter 702, Part F, section 6 and | | Public Law 1991, chapter 591, Part BB and chapter 780, Part | | VV; or 10 years of combined creditable service under this | | Part and Title 3, chapter 29; or creditable service | | available to a member that the member was eligible to | | purchase on June 30, 1993 and that the member does purchase | | in accordance with rules adopted by the board. |
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| | | B. For members who do not have 10 years of creditable | | service on July 1, 1993, the retirement benefit is | | determined in accordance with subsection 1, except that the | | benefit is reduced by 6% for each year that the person's age | | precedes 55 years of age or 50 years of age, as applicable. |
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| | | Sec. 4. Retroactivity. This Act applies retroactively to November 1, | | 1995. |
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| | | This bill permits law enforcement officers employed by the | | Baxter State Park Authority to opt to retire at age 50 after 25 | | years of service and retains the current option to choose, | | instead, to retire at age 55 after 25 years of service. |
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