Normal Retirement and Pension Amount. 1. An employee who is hired (or reemployed) by the County prior to July 1, 2013 shall be eligible for normal retirement upon attaining age 60 or older with 8 or more years of credited service, or age 50 or older with 25 or more years of credited service. The monthly benefit formula applicable to retirement for all employees eligible for benefits under this section who elect to retire shall be two and one-half (2.5%) percent of the employee's final average monthly compensation multiplied by his years of credited service, not to exceed seventy- five percent (75%) of final average monthly compensation. Final average compensation shall be the average of the compensation paid an individual during the period of thirty-six (36) consecutive months of his credited service producing the highest average compensation contained within the period of 120 months of his credited service immediately preceding the date his employment with the County last terminates; provided, however, that premium overtime wages earned in excess of four- hundred fifty (450) hours annually (January 1st – December 31st) shall be excluded from this determination of final average compensation.
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