(1) The monthly amount of service retirement benefit payable following retirement to a member hired before July 1, 2011, with:
(a) less than 25 years of membership service is the greater of one fifty-sixth of the member's highest average compensation multiplied by the number of years of the member's total service credit or the benefit calculated under subsection (3); or
(b) 25 or more years of membership service is the greater of 2% of the member's highest average compensation multiplied by the number of years of the member's total service credit or the benefit calculated under subsection (3).
(2) The monthly amount of service retirement benefit payable following retirement to a member hired on or after July 1, 2011, with:
(a) less than 10 years of membership service is the greater of 1.5% of the member's highest average compensation multiplied by the number of years of the member's total service credit or the benefit calculated under subsection (3);
(b) 10 or more years but less than 30 years of membership service is the greater of one fifty-sixth of the member's highest average compensation multiplied by the number of years of the member's total service credit or the benefit calculated under subsection (3); or
(c) 30 or more years of membership service is the greater of 2% of the member's highest average compensation multiplied by the number of years of the member's total service credit or the benefit calculated under subsection (3).
(3) A member is entitled to receive the greater of:
(a) the benefit provided pursuant to subsection (1) or (2); or
(b) a monthly benefit that is the actuarial equivalent of the sum of:
(i) double the member's regular contributions and regular interest; and
(ii) any amounts paid by the member to purchase service credit and membership service as provided by law.