47-25-81. Amount of benefit.

Any member who is approved for retirement benefits as provided in Code Section 47-25-80 shall be paid a monthly sum equal to 4 percent of his or her average final monthly compensation for each year served by the member up to, but not exceeding, a total of 20 years; provided, however, that the final annual compensation used for calculating a benefit under this Code section shall not exceed $42,781.22 or the amount fixed in the following schedule according to county population, whichever amount is higher:#

1. Population Maximum Average Final Monthly Compensation 500,000 or more .............................................. $ 7,247.87 400,000 — 499,999 ................................................. 6,975.70 300,000 — 399,999 ................................................. 6,703.53 250,000 — 299,999 ................................................. 6,072.65 200,000 — 249,999 ................................................. 5,594.17 150,000 — 199,999 ................................................. 5,132.49 100,000 — 149,999 ................................................. 4,797.70 75,000 — 99,999 ................................................. 4,490.76 50,000 — 74,999 ................................................. 4,183.47 39,000 — 49,999 ................................................. 3,732.53 29,000 — 38,999 ................................................. 3,512.80 20,000 — 28,999 ................................................. 3,293.34 11,890 — 19,999 ................................................. 3,073.88 6,000 — 11,889 ................................................. 2,713.53 0 — 5,999 ................................................. 1,975.98

The board of commissioners is authorized to adopt from time to time a method or methods of providing for increases in the maximum final monthly compensation used for calculating a benefit as provided in this Code section. Such method or methods shall be based upon:#

1. (1)

   The recommendation of the actuary of the board of commissioners;#

2. (2)

   The maintenance of the actuarial soundness of the fund in accordance with the standards provided in Code Section 47-20-10 or such higher standards as may be adopted by the board; and#

3. (3)

   Such other factors as the board deems relevant; provided, however, that any such increase shall be uniform and shall apply equally to all members of this retirement system.#

4. No time for which dues have not been paid in accordance with Code Section 47-25-41 shall be considered in determining the number of years of service.