(a) Except as provided in subsection (b) of this section and subject to subsections (c) and (d) of this section, on retirement under this subtitle, a retiree is entitled to receive a retirement allowance that equals two-thirds of the salary payable in that fiscal year to a member holding the same level judicial position as that held by the retiree on termination of service.

(b) (1) This subsection applies only to a retiree who is a magistrate in chancery or juvenile causes at the time of termination of service.

(2) Subject to subsections (c) and (d) of this section, on retirement under this subtitle, a retiree is entitled to receive a retirement allowance that equals:

(i) two-thirds of the salary payable at the time of termination of service; or

(ii) for a retiree who was receiving a retirement allowance as of June 30, 1993, the retirement allowance being received as of that date.

(3) A retirement allowance computed under paragraph (2) of this subsection shall be increased each fiscal year that circuit court judges receive salary increases, at a rate equal to the average rate of increase of salaries of all circuit court judges for that fiscal year.

(c) (1) (i) This paragraph applies only to an individual who is a member of the Judges’ Retirement System on or before June 30, 2012.

(ii) On retirement under this subtitle by a retiree who has less than 16 years of service credit as a member, the retiree is entitled to a reduced retirement allowance that equals the retirement allowance computed under subsection (a) or (b) of this section multiplied by a fraction that has:

1. for its numerator, the number of years of service credit as a member; and

2. for its denominator, 16.

(2) (i) This paragraph applies only to an individual who becomes a member of the Judges’ Retirement System on or after July 1, 2012.

(ii) On retirement under this subtitle by a retiree who has at least 5 years but less than 16 years of service credit as a member, the retiree is entitled to a reduced retirement allowance that equals the retirement allowance computed under subsection (a) or (b) of this section multiplied by a fraction that has:

1. for its numerator, the number of years of service credit as a member; and

2. for its denominator, 16.

(iii) On retirement under this subtitle by a retiree who is eligible to retire under § 27-401(b)(2)(iv) of this subtitle, the retiree is entitled to a reduced retirement allowance that equals the retirement allowance computed under subsection (a) or (b) of this section multiplied by a fraction that has:

1. for its numerator, the number of years of service credit as a member; and

2. for its denominator, 16.

(d) (1) This subsection applies to a member or former member who:

(i) retires on disability; or

(ii) is deemed to retire on disability under paragraph (3) of this subsection.

(2) If a member or former member has at least 3 years of service credit as a member, the member or former member is entitled to a retirement allowance that is at least one-third of the member’s or former member’s salary at retirement.

(3) A member who dies after submitting an application for disability but before the medical board approves the application is deemed retired on disability.