Act Governing Retirement, Severance, and Bereavement Compensation for the Teaching and Other Staff Members of Public Schools Article 30

Pension payable for a staff member's years of service in employment after the implementation of the New Pension System shall be calculated and paid, based on the pension calculation basis and base unit content set out in Article 28, in accordance with the following standards1. Lump-sum pension payment based on the years of service in employment, for each year of service, one and one-half base units will be awarded, up to a maximum of 53 base units awarded for 35 years of employment; if the total number of approved years of service exceeds 35 years, then beginning from the 36th year, one additional base unit will be awarded for each additional year of employment, up to a maximum of 60 base units. In the calculation of the years of service at retirement, base units for any number of months less than 1 year shall be awarded pro-rata to the number of months relative to 1 year; any period of less than 1 month shall be calculated as 1 month.2. Monthly pension Based on the years of service in employment, for each year of employment, 2 percent of the base unit content will be awarded, up to a maximum of 70 percent awarded for 35 years; if the total number of approved years of service exceeds 35 years, then beginning from the 36th year, 1 percent of the base unit content will be awarded for each additional year; the maximum award shall be 75 percent. In the calculation of the years of service at retirement, base units for any number of months less than 1 year shall be awarded pro-rata to the number of months relative to 1 year; any period of less than 1 month shall be calculated as 1 month.