C.R.S.
Section 24-51-603
Benefit formula for service retirement
(1)
Intentionally left blank —Ed.(a)
Except as otherwise provided in subsection (2) of this section, effective July 1, 1997, the option 1 benefit or option A benefit, whichever is applicable, for service retirement for members shall be calculated by multiplying the highest average salary by two and one-half percent times each year and fraction of a year of service credit. The following formula shall be used for this calculation:(c)
For any member of the judicial division who retires on or after July 1, 1999, and who is eligible to receive a benefit under this subsection (2), the association shall calculate the member’s option 1 benefit under either subsection (1) of this section or this subsection (2), whichever results in the greater benefit.(d)
On July 1, 1999, for any member of the judicial division whose benefit became effective prior to July 1, 1999, and who is eligible to receive a benefit under this subsection (2), the association shall calculate the member’s option 1 base benefit prospectively for benefit payments payable on or after July 1, 1999, under either subsection (1) of this section or this subsection (2), whichever results in the greater benefit. The association shall provide benefits to all such benefit recipients based upon such recalculated base benefits effective July 1, 1999.(3)
Intentionally left blank —Ed.(a)
Regardless of total years of service credit, the option 1 benefit or option A benefit, whichever is applicable, calculated pursuant to the provisions of this part 6 shall not exceed an amount equal to one hundred percent of the highest average salary, nor shall the option 1 benefit or option A benefit, whichever is applicable, exceed the maximum permitted under federal income tax law.
Source:
Section 24-51-603 — Benefit formula for service retirement, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-24.pdf
(accessed Oct. 20, 2023).