1. Except as otherwise required as a result of NRS 286.535 or 286.537, or as otherwise provided in subsection 3, average compensation for service performed as a county commissioner, city council member or mayor must be calculated as follows for those members whose effective date of retirement is after May 19, 1975:
(a) Service retirement allowance for elective service must be computed on the basis of the highest 36 consecutive months of elective service multiplied by the percentage of average compensation earned during such service.
(b) Service retirement allowance for regular service must be computed on the basis of the highest 36 consecutive months of regular service multiplied by the percentage of average compensation earned during such service.
(c) The service retirement allowances for elective service and for regular service are added together to provide the total unmodified service retirement allowance earned by the member.
(d) Average compensation for service before July 1, 1977, is computed from the sum of both salaries when a member is employed simultaneously as a regular member and as a county commissioner, city council member or mayor.
2. A member who has service as a county commissioner, city council member or mayor may, upon retirement, waive such service and have the member’s allowances computed as a regular member.
3. If a member who has service as a county commissioner, city council member or mayor has an average salary for the entire period of elective service that is equal to or greater than the average salary of a member for regular service for the same period, the calculations required pursuant to subsection 1 do not apply and the member must receive credit for regular service.