(A) Upon retirement from service on or after July 1, 1964, a Class One member shall receive a service retirement allowance which shall consist of:

1. (1) An employee annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement; and
2. (2) An employer annuity equal to the employee annuity allowable at the age of sixty-five years or at age of retirement, whichever is less, computed on the basis of contributions made prior to the age of sixty-five years; and

3. (3) If he has a prior service certificate in full force and effect, an additional employer annuity which must be equal to the employee annuity which would have been provided at age sixty-five or at age of retirement, whichever is less, by twice the contributions which he would have made during his entire period of prior service had the System been in operation and had he contributed thereunder during such entire period.

   Upon retirement from service on or after July 1, 1989, a Class One member shall receive a service retirement allowance computed as follows: If the member's service retirement date occurs on or after his sixty-fifth birthday, or after he has completed thirty or more years of creditable service, the allowance must be equal to one and forty-five hundredths percent of his average final compensation multiplied by the number of years of his creditable service.

   If the member's service retirement date occurs before his sixty-fifth birthday and before he completes thirty years of creditable service, his service retirement allowance is computed as above, but is reduced by five-twelfths of one percent thereof for each month by which his retirement date precedes the first day of the month, prorated for periods less than a month, coincident with or next following his sixty-fifth birthday.

   Notwithstanding the foregoing provisions, any Class One member who retires on or subsequent to July 1, 1976, shall receive not less than the benefit provided under the formula in effect before July 1, 1976.

(B) Upon retirement from service on or after July 1, 1989, a Class Two member shall receive a service retirement allowance computed as follows:

1. (1) If the member's service retirement date occurs on or after his sixty-fifth birthday or after he has completed thirty or more years of creditable service, the allowance must be equal to one and eighty-two hundredths percent of his average final compensation, multiplied by the number of years of his creditable service.
2. (2) If the member's service retirement date occurs before his sixty-fifth birthday and before he completes the thirty years of creditable service, his service retirement allowance is computed as in item (1) above but is reduced by five-twelfths of one percent thereof for each month, prorated for periods less than a month, by which his retirement date precedes the first day of the month coincident with or next following his sixty-fifth birthday.
3. (3) Notwithstanding the foregoing provisions, a Class Two member whose creditable service began before July 1, 1964, shall receive not less than the benefit provided by subsection (A) of this section.

(C) Any teacher or employee as defined in Section 9-1-10 (3) and (4) who was a nonmember of the South Carolina Retirement System and who had attained age seventy-two prior to July 1, 1964, and who at the time of separation from service had rendered twenty or more years of employment which would otherwise have been considered creditable service under the terms of the South Carolina Retirement Act may establish such service and qualify for a retirement allowance from the Retirement System provided he does so on or before December 31, 1965.

1. (1) The employee and employer contributions which would have been made had such service been rendered as a member shall be paid at the then prevailing rates paid by other employees and employers of the South Carolina Retirement System.
2. (2) The retirement allowance provided by this section shall become effective as of the first day of the month in which such service is established.