(a) The standard retirement annuity payable under this subtitle is computed with an allowance for the possible payment of a benefit under Section 844.402 and is the actuarial equivalent of the sum of a member's:
(1) accumulated contributions;
(2) current service credit;
(3) allocated prior service credit; and
(4) multiple matching credit.
(b) A standard retirement annuity is payable throughout the life of a retiree.