Section 5-10-5.5-10 - Retirement allowance(a) Benefits provided under this section are subject to section 2.5 of this chapter.(b) The annual retirement allowance of a participant, payable in equal monthly installments beginning on the participant's normal retirement date, shall be a percentage of the participant's average annual salary, such percentage to be twenty-five percent (25%) increased by one and two-thirds percent (1 2/3%) of the participant's average annual salary for each completed year of creditable service more than ten (10) years. However, the annual retirement allowance computed under this subsection may not exceed seventy-five percent (75%) of the participant's average annual salary.(c) The annual retirement allowance shall cease with the last monthly payment prior to the death of the participant.(Formerly: Acts1972 , P.L. 1, SEC.1.) As amended by P.L. 55-1989, SEC.3; P.L. 180-2007, SEC.4; P.L. 128-2008, SEC.3.