(1) Upon retiring at normal retirement age, a vested pension program member shall be paid an annual pension for the life of the member as follows:

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(a) For service as a police officer or firefighter, 1.8 percent of final average salary multiplied by the number of years of retirement credit attributable to service as a police officer or firefighter.

(b) For service as other than a police officer or firefighter, 1.5 percent of final average salary multiplied by the number of years of retirement credit attributable to service as other than a police officer or firefighter.

(2) Notwithstanding any provision of ORS § 238A.100 to 238A.250, the annual benefit payable to a member under the pension program and under any other tax-qualified defined benefit plan maintained by the participating public employer may not exceed the applicable limitations set forth in 26 U.S.C. § 415(b), as in effect on December 31, 2022. The Public Employees Retirement Board shall adopt rules for the administration of this limitation, including adjustments in the annual dollar limitation to reflect cost-of-living adjustments authorized by the Internal Revenue Service.

(3) The board shall make no actuarial adjustment in a member’s pension calculated under this section by reason of the member’s retirement after normal retirement age. [2003 c.733 § 9; 2009 c.5 § 2; 2009 c.909 § 2; 2010 c.82 § 2; 2011 c.7 § 2; 2012 c.31 § 2; 2013 c.377 § 2; 2014 c.52 § 2; 2015 c.442 § 2; 2016 c.33 § 3; 2017 c.527 § 3; 2018 c.101 § 3; 2019 c.319 § 3; 2021 c.456 § 4; 2022 c.83 § 4; 2023 c.171 § 4]

(Salary)