A vested inactive member who was a member or inactive member on December 31, 2006, who has reached the age and service requirements for a service or reduced service retirement benefit on or before January 1, 2011, and who has at least twenty-five years of service credit prior to terminating membership shall be eligible, upon retirement, for a benefit, as calculated pursuant to the provisions of section 24-51-603 or 24-51-605, which has been increased by the annual increase specified in sections 24-51-1001 to 24-51-1003, from the date of termination of membership or July 1, 1993, whichever is later, to the effective date of retirement.
Source: L. 93: Entire section added, p. 477, � 3, effective July 1. L. 95: Entire section amended, p. 555, � 10, effective July 1. L. 2006: Entire section amended, p. 1184, � 16, effective May 25. L. 2010: Entire section amended, (SB 10-001), ch. 2, p. 17, � 16, effective January 1, 2011.
24-51-607. Benefit formula for service retirement or reduced service retirement involving direct payments. A benefit for service retirement or reduced service retirement involving direct payments made by a vested inactive member shall be the option 1 benefit for service retirement, as calculated according to the formula set forth in section 24-51-603 or 24-51-605; except that the amount of the benefit shall then be multiplied by the ratio of service credit to the service credit required for eligibility as set forth in table B in section 24-51-602 or table C in section 24-51-604, whichever is applicable.
Source: L. 87: Entire article R&RE, p. 1062, � 1, effective July 1. L. 88: Entire section amended, p. 970, � 5, effective July 1.
Editor's note: This section is similar to former �� 24-51-109 and 24-51-611 as they existed prior to 1987. For a detailed comparison, see the comparative tables located in the back of the index.
Cross references: For retirement of supreme court justices, other than under this article, see � 13-2-115; for retirement age for justices or judges, see � 23 of art. VI, Colo. Const.