TITLE 1: GOVERNMENT
DIVISION 8: PUBLIC EMPLOYMENT
§ 8344. Retirement Annuity for Class II Members. A class II member retirement annuity shall be calculated as follows: (a) An amount equal to two percent of average annual salary for each of the first ten years of membership service, and 2.5 percent of average annual salary for each year or part thereof of membership service over 10 years. (b) In addition, there shall be added to the amount set forth in subsection (a) of this section an amount equal to $20 multiplied by each year of membership service, the total of which shall then be reduced by an amount equal to 1/100 of one percent of the total for each dollar that a member’s average annual salary exceeds the amount of $6,000. (c) No basic annuity shall exceed 85 percent of the average annual salary at time of retirement. (d) The basic minimum annual annuity shall not be less than $6,000. Annuitants receiving an annuity of $6,000 per annum or more but less than $12,000 per annum on October 1, 1993, shall have their yearly benefits increased as provided in 1 CMC § 8341(c). (e) Class II members in receipt of service retirement annuity shall be entitled to an annual cost of living increase commencing on January 1 subsequent to the anniversary of the member’s retirement date, provided that the member is at least 55 years of age. Source: PL 6-17, ch. 3, § 8334, modified; amended by PL 6-41, § 6; PL 739, § 3; PL 8-31, §§ 4, 8; (a) and (b) amended, (f) repealed by PL 13-60, §§ 4 and 3, respectively. Commission Comment: PL 13-60 was enacted on December 5, 2003 and contained, in addition to other enactments, a short title, findings and purpose, severability, and savings clause provisions. See the comment to 1 CMC § 8253 regarding PL 13-60.