19-20-622. Minimum monthly benefit allowance. (1) A retired member of the retirement system who on July 1, 1999, is receiving a service or disability retirement allowance that is less than $500 is eligible to receive a minimum monthly benefit allowance of $500 if the member at the time of retirement had 25 years or more of creditable service.
     (2) A beneficiary or beneficiaries of a deceased retired member who on July 1, 1999, are receiving an optional service, disability, or survivorship allowance that when added together are less than $500 are eligible to receive a proportional share of a minimum monthly benefit allowance of $500 if the retired member at the time of retirement had 25 years or more of creditable service.
     (3) If on July 1, 1999, multiple beneficiaries are receiving benefits under a retired member's account, the minimum monthly benefit must be divided in the same proportion as was the initial service, disability, or survivorship allowance.

     History: En. Sec. 5, Ch. 360, L. 1999.