(a) Members not covered by Social Security. After retirement, in accordance with the provisions of this part and except as provided in subsection (g) of this section, each member of the municipal employees’ retirement system who is not covered by the Old Age and Survivors Insurance System shall receive, during such member’s lifetime, a retirement allowance payable in monthly installments at an annual rate equal to one-twelfth of two per cent of the member’s average annual pay for the three highest-paid years of service, multiplied by the number of months of such member’s aggregate service.

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(b) Members covered by Social Security who are not yet eligible to receive Social Security benefits. After retirement, in accordance with the provisions of this part and except as provided in subsection (h) of this section, each member of the municipal employees’ retirement system who (1) is covered by the Old Age and Survivors Insurance System, (2) retires before attaining the age at which such member first becomes eligible to receive Social Security benefits, and (3) who has not qualified for a Social Security disability award, shall receive, until such member attains such age or qualifies for a Social Security disability award, if earlier, a retirement allowance payable in monthly installments at an annual rate equal to one-twelfth of two per cent of the member’s average annual pay for the three highest-paid years of service, multiplied by the number of months of such member’s aggregate service.

(c) Members eligible to receive Social Security benefits. On and after January 1, 2002, except as provided in subsection (h) of this section, the following formula shall be used for the purpose of calculating the monthly allowance of each member covered by the Old Age and Survivors Insurance System on the first of the month after such member attains the age at which such member first becomes eligible to receive Social Security benefits or qualifies for a Social Security disability award, if earlier: One-twelfth of one and one-half per cent of such member’s average annual pay for the three highest-paid years of service up to the breakpoint for the year in which such member separated from service, plus one-twelfth of two per cent of such member’s final average annual pay in excess of the breakpoint for the year in which such member separated from service, multiplied by such member’s years of retirement credit and fractions thereof. Such allowance shall be reduced in recognition of any optional form of retirement income elected in accordance with section 7-439g. For the purposes of this section, “breakpoint” has the same meaning as “year’s breakpoint” in section 5-192f.

(d) Disability retirees. Notwithstanding the provisions of subsections (a) to (c), inclusive, of this section, the retirement allowance for permanent and total disability arising out of and in the course of such member’s employment, as defined in the Workers’ Compensation Act, shall not be less than one-twelfth of one-half of the member’s annual pay at the time such member’s disability was incurred. Any amount or amounts received under the Workers’ Compensation Act shall be deducted from such allowance, except that any member who has received a specific indemnity award under section 31-307 or 31-308 shall not have the amount of such indemnity award deducted from such member’s allowance. The retirement allowance provided under this subsection shall be reduced by the amount of any retirement allowance concurrently payable under the provisions of section 7-431, and by the amount of any retirement allowance concurrently payable by the state employees’ retirement system or the retirement system of any municipality not participating under the provisions of this part, on account of a period of service for which credit has been transferred to the Municipal Employees’ Retirement Fund under the provisions of section 7-442b, or the monthly equivalent thereof if payable other than monthly. No retirement allowances under this section, before the reduction prescribed in the preceding sentence plus workers’ compensation payments and benefits under the Old Age and Survivors Insurance System on account of service in a participating municipality, if any, shall exceed one-twelfth of the member’s average annual pay during the three highest-paid years of municipal service, and, subject to the foregoing maximum limit, no such allowance plus payments shall be less than one thousand dollars annually.

(e) Additional cost of living allowances for certain retirees. Each employee or spouse of a deceased employee retired under the Municipal Employees’ Retirement Act Fund B prior to July 1, 1971, shall be entitled, in addition to his or her original monthly retirement allowance, to an additional cost of living monthly allowance computed on the basis of his or her monthly retirement allowance, less any prior cost of living increases to which he or she was previously entitled, using the table in subdivision (1) of this subsection.

(1) Such cost of living allowances shall commence on July 1, 1973, and shall be computed at the rates set forth in the following table:

(2) The limitation of the maximum retirement allowance provided in subsection (a) of this section shall not be applicable to increases under this subsection.

(f) Part-time employees. For purposes of determining eligibility for retirement benefits for part-time employees under this section, a member’s part-time service shall be payable to a member whose service consists solely of part-time service without variation in the number of hours worked during all periods of his municipal service, such member’s service shall be treated as full-time service. For purposes of computing the retirement benefit payable to a member whose service consists of part-time and full-time service or whose service consists of part-time service rendered in different proportions to a full-time schedule, such member’s years of service and average salary shall be proportionately adjusted to produce a retirement benefit equivalent to that payable if his service had been rendered at an unvarying rate. As used in this subsection, “part-time service” means service by a member who customarily works less than a full-time schedule but no less than twenty hours per week.

(g) Certain members not covered by Social Security who satisfy additional age and service requirements. (1) The provisions of this subsection shall apply only to members of the municipal employees’ retirement system who (A) are not covered by the Old Age and Survivors Insurance System, and (B) retire on or after July 1, 2025, after (i) attaining the age of sixty years and completing at least thirty years of aggregate service, or (ii) attaining the age of fifty-five years and completing at least twenty-seven years of active service as a member of a paid municipal fire department or as a regular member of a paid municipal police department.

(2) The monthly allowance for each such member shall be equal to the sum of subparagraphs (A) and (B) of this subdivision as follows: (A) One-twelfth of two per cent of such member’s average annual pay for the three highest-paid years of service, multiplied by three hundred sixty or, for a member of a municipal fire or police department, by three hundred twenty-four; and (B) one-twelfth of two and two-tenths per cent of such member’s average annual pay for the three highest-paid years of service, multiplied by the number of months of the member’s aggregate service in excess of three hundred sixty or, for a member of a municipal fire or police department, in excess of three hundred twenty-four.

(h) Certain members covered by Social Security who satisfy additional age and service requirements. (1) The provisions of this subsection shall apply only to members of the municipal employees’ retirement system who (A) are covered by the Old Age and Survivors Insurance System, and (B) retire on or after July 1, 2025, after (i) attaining the age of sixty years and completing at least thirty years of aggregate service, or (ii) attaining the age of fifty-five years and completing at least twenty-seven years of active service as a member of a paid municipal fire department or as a regular member of a paid municipal police department.

(2) For a member who retires before attaining the age at which such member first becomes eligible to receive Social Security benefits and who has not qualified for a Social Security disability award, the monthly allowance for each such member until such member attains such age or qualifies for a Social Security disability award, if earlier, shall be equal to the sum of subparagraphs (A) and (B) of this subdivision as follows: (A) One-twelfth of two per cent of such member’s average annual pay for the three highest-paid years of service, multiplied by three hundred sixty or, for a member of a municipal fire or police department, by three hundred twenty-four; and (B) one-twelfth of two and two-tenths per cent of such member’s average annual pay for the three highest-paid years of service, multiplied by the number of months of the member’s aggregate service in excess of three hundred sixty or, for a member of a municipal fire or police department, in excess of three hundred twenty-four.

(3) For a member who attains the age at which such member first becomes eligible to receive Social Security benefits or qualifies for a Social Security disability award, if earlier, the monthly allowance for each such member shall be equal to the sum of subparagraphs (A) and (B) of this subdivision as follows: (A) One-twelfth of one and one-half per cent of such member’s average annual pay for the three highest-paid years of service up to the breakpoint for the year in which such member separated from service, plus one-twelfth of two per cent of such member’s average annual pay for the three highest-paid years of service in excess of the breakpoint for the year in which such member separated from service, multiplied by three hundred sixty or, for a member of a municipal fire or police department, by three hundred twenty-four; and (B) one-twelfth of one and seven-tenths per cent of such member’s average annual pay for the three highest-paid years of service up to the breakpoint for the year in which such member separated from service, plus one-twelfth of two and two-tenths per cent of such member’s average annual pay for the three highest-paid years of service in excess of the breakpoint for the year in which such member separated from service, multiplied by the number of months of the member’s aggregate service in excess of three hundred sixty or, for a member of a municipal fire or police department, in excess of three hundred twenty-four.