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Idaho Statutes Title 72. Worker's Compensation and Related Laws--Industrial Commission § 72-1435. Voluntary retirement--Years of service determine pension benefit

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Idaho Statutes Title 72. Worker's Compensation and Related Laws--Industrial Commission § 72-1435. Voluntary retirement--Years of service determine pension benefit - last updated January 01, 2024 | https://codes.findlaw.com/id/title-72-workers-compensation-and-related-laws-industrial-commission/id-st-sect-72-1435/

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