2005 Arizona Revised Statutes - Revised Statutes §38-757  Normal retirement

A. After application on a form prescribed by the director, a member may retire on reaching the member's normal retirement date.

B. Except as provided in section 38-768 and subsection C of this section, a member who meets the requirements for retirement benefits at normal retirement shall receive a monthly life annuity that equals the result of paragraph 1 multiplied by paragraph 2 when those paragraphs are defined as follows:

1. The number of whole and fractional years of credited service times the following:

(a) 2.10 per cent if the member does not have more than 19.99 years of credited service.

(b) 2.15 per cent if the member has at least 20.00 years of credited service but not more than 24.99 years of credited service.

(c) 2.20 per cent if the member has at least 25.00 years of credited service but not more than 29.99 years of credited service.

(d) 2.30 per cent if the member has at least 30.00 years of credited service.

2. The member's average monthly compensation.

C. For a person who becomes a member on or after the effective date of this amendment to this section, the amount of a member's monthly life annuity computed pursuant to subsection B of this section shall not be more than eighty per cent of the member's average monthly compensation. This limitation does not preclude benefit increases pursuant to section 38-767.

D. Employers shall provide evidence of, and certify to, in a manner provided by the board, the member's average monthly compensation if that information is not already available from the records of ASRS.