1. (a) In this section, normal retirement age is the later of the month a member completes 15 years of credited qualified service or attains the age of 55, and early retirement age is the age of 55.
2. (b) A service retirement annuity is payable in equal monthly installments to a member who terminates service after attaining early retirement age or normal retirement age, subject to the vesting requirements of §308.1 of this title.
3. (c) Except as otherwise provided by this section, the monthly service retirement annuity is equal to six times the governing body's average monthly contribution during the retiring member's term of qualified service.
4. (d) For credited qualified service in excess of 15 years, a retiring member is entitled to receive an additional seven percent of the annuity compounded annually and adjusted for days or months of credited qualified service that constitute less than a year.

Source Note:The provisions of this §308.2 adopted to be effective October 2, 2005, 30 TexReg 6062.