“Retirement allowance” defined.

Sec. 12. "Retirement allowance" means a series of equal monthly payments payable at the end of each calendar month to a person while he or she is a retirant. The first payment shall be prorated for any fraction of a month from the date of retirement to the end of the first month, but a deduction from the regular monthly payment shall not be made for any fraction of a month remaining at the time of the retirant's death. History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1970, Act 237, Eff. Jan. 1, 1971; Am. 1981, Act 123, Imd. Eff. July 23, 1981; Am. 1987, Act 58, Imd. Eff. June 23, 1987