The formula used to calculate and determine the benefits payable to an insured or beneficiary covered by a pension plan.
                                                            
                                                     
                        
                                                
                        
                        
                            Retirement benefits are based on the following formula set by Kansas law. Member's final average salary x percentage x years of service = annual benefit at normal retirement age.
                                                            
                                                     
                        
                                                
                        
                        
                            Provision in a pension plan for calculating a member's defined benefit according to years of service and earnings, or years of service and a fixed dollar amount, etc.