§88-282  Service retirement allowance.  [2005 amendment retroactive to July 1, 2004.  L 2005, c 58, §33.]  Upon retirement from service, a member shall receive a retirement allowance as follows:

     (1)  If the member has met the requirements in section 88‑281(a), (b), (d), or (e), a maximum retirement allowance of one and one-fourth per cent of the average final compensation multiplied by the number of years of credited service; or

     (2)  If the member has met the requirements in section 88‑281(c), an early retirement allowance equal to the maximum retirement allowance reduced by one‑half per cent for each month the member is less than age sixty-two at retirement. [L 1984, c 108, pt of §8; am L 1987, c 117, §5; am L 2001, c 101, §2; am L 2005, c 58, §19]