2005 Idaho Code - 59-1346 — COMPUTATION OF EARLY RETIREMENT ALLOWANCES

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1346.  COMPUTATION OF EARLY RETIREMENT ALLOWANCES. (1) The annual
amount of initial early retirement allowance of a member shall be a percentage
of the member's accrued retirement allowance. Such percentage shall be one
hundred percent (100%) if the sum of the number of years and months of
credited service and the age in years and months is equal to or greater than
the sum indicated below. Otherwise, such percentage shall be one hundred
percent (100%) reduced by one-fourth of one percent (.25%) for each month up
to sixty (60) months that the member's retirement precedes the date the member
would be eligible to receive full accrued benefit without additional credited
service, and further reduced by two-thirds of one percent (.6667%) for each
additional month.  Effective October 1, 1992, the further reduction for each
additional month shall equal six thousand and forty-two ten-thousandths of one
percent (.6042%) of the member's average monthly salary; effective October 1,
1993, the further reduction for each additional month shall equal five
thousand four hundred and seventeen ten-thousandths of one percent (.5417%) of
the member's average monthly salary; and effective October 1, 1994, the
further reduction for each additional month shall equal four thousand seven
hundred and ninety-two ten-thousandths of one percent (.4792%) of the member's
average monthly salary.  Entitlement to an annual amount of accrued retirement
allowance shall not vest until the effective date of that annual amount of
accrued retirement allowance.  The retirement benefits shall be calculated on
the amounts, terms and conditions in effect at the date of the final
contribution by the member.
   If a member's service retire-       Then the sum of the member's
  ment ratio as defined by section   credited service and age must be
      59-1341, Idaho Code, is:           equal to or greater than:
           0.000 to 0.050                           90
           0.051 to 0.150                           89
           0.151 to 0.250                           88
           0.251 to 0.350                           87
           0.351 to 0.450                           86
           0.451 to 0.550                           85
           0.551 to 0.650                           84
           0.651 to 0.750                           83
           0.751 to 0.850                           82
           0.851 to 0.950                           81
           0.951 to 1.000                           80.
    (2)  If the majority of a member's credited service is as an elected
official or as an appointed official, except as a member of the Idaho
legislature, and that official was normally in the administrative offices of
the employer less than twenty (20) hours per week during the term of office,
or was normally not required to be present at any particular work station for
the employer twenty (20) hours per week or more during the term of office,
that member's accrued retirement allowance for service credited only during
that period shall be computed from an average monthly salary for salary
received during that period of such employment only. The initial service
retirement allowance of members of the Idaho legislature will be computed
under the provisions of this section, on the basis of their total months of
credited service.
    (3)  If that member has credited service from any other employment, the
accrued retirement allowance for the credited service from such other
employment shall be computed from an average monthly salary for salary
received during the period of such other employment.