Voluntary Retirement — Years Of Service Determine Pension Benefit

TITLE 72 WORKER’S COMPENSATION AND RELATED LAWS — INDUSTRIAL COMMISSION CHAPTER 14 FIREMEN’S RETIREMENT FUND 72-1435. Voluntary retirement — Years of service determine pension benefit. (1) Any Option I firefighter, as provided in section 72-1434 , Idaho Code, who has had the contributions remitted as provided in sections 72-1431 and 72-1432 , Idaho Code, for the same number of years as he claims for service as a paid firefighter in Idaho, may at his option retire, and upon retirement shall be paid from the public employee retirement account a monthly sum during the remainder of his life equal to: (a)  after twenty (20) years of service and contributions, forty percent (40%) of the average paid firefighter’s salary or wage; or (b)  after twenty-one (21) years of service and contributions, forty-five percent (45%) of the average paid firefighter’s salary or wage; or (c)  after twenty-two (22) years of service and contributions, fifty percent (50%) of the average paid firefighter’s salary or wage; or (d)  after twenty-three (23) years of service and contributions, fifty-five percent (55%) of the average paid firefighter’s salary or wage; or (e)  after twenty-four (24) years of service and contributions, sixty percent (60%) of the average paid firefighter’s salary or wage; or (f)  after twenty-five (25) years of service and contributions, sixty-five percent (65%) of the average paid firefighter’s salary or wage. All benefit payments to Option I firefighters shall be based on the average paid firefighter’s salary or wage in this state as defined in section 72-1431 , Idaho Code. Option I monthly benefit payments shall vary annually according to the determination of the cost of living adjustment as set forth in section 72-1471 , Idaho Code. (2)  Any Option II firefighter, as provided in section 72-1434 , Idaho Code, who has had the contributions remitted as provided in sections 72-1431 and 72-1432 , Idaho Code, for the same number of years as he claims for service as a paid firefighter in Idaho, may at his option retire, and upon retirement shall be paid from the public employee retirement account a monthly sum during the remainder of his life equal to: (a)  after twenty (20) years of service and contributions, forty percent (40%) of his average salary or wage; or (b)  after twenty-one (21) years of service and contributions, forty-five percent (45%) of his average salary or wage; or (c)  after twenty-two (22) years of service and contributions, fifty percent (50%) of his average salary or wage; or (d)  after twenty-three (23) years of service and contributions, fifty-five percent (55%) of his average salary or wage; or (e)  after twenty-four (24) years of service and contributions, sixty percent (60%) of his average salary or wage; or (f)  after twenty-five (25) years of service and contributions, sixty-five percent (65%) of his average salary or wage. All benefit payments to Option II firefighters shall be based on his average final compensation as defined in section 72-1404 , Idaho Code. Option II monthly benefit payments shall vary annually according to the determination of the cost of living adjustment as set forth in section 72-1471 , Idaho Code.