49-16-402. Calculation of retirement allowance.
(1) A retiree under this system shall receive an allowance equal to: 2.5% of final average monthly salary multiplied by the number of years of service credit, limited to 20 years; plus 2% of final average monthly salary, multiplied by the number of years of service credit in excess of 20 years.
(2) The minimum allowance payable under this section is $500.
(3) Except as modified by cost-of-living adjustments and except as provided under Subsection, an allowance under this system may not exceed 70% of a firefighter service employee's final average monthly salary. (3)(b) The allowance limitation under Subsectiondoes not apply to a member who initially retires on or after July 1, 2010. (3)(a)