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. This subsection applies only to a retiree who is a magistrate in chancery or juvenile causes at the time of termination of service. 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 at the time of termination of service; or for a retiree who was receiving a retirement allowance as of June 30, 1993, the retirement allowance being received as of that date. 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. This paragraph applies only to an individual who is a member of the Judges’ Retirement System on or before June 30, 2012. 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: for its numerator, the number of years of service credit as a member; and for its denominator, 16. This paragraph applies only to an individual who becomes a member of the Judges’ Retirement System on or after July 1, 2012. 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: for its numerator, the number of years of service credit as a member; and for its denominator, 16. 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: for its numerator, the number of years of service credit as a member; and for its denominator, 16. This subsection applies to a member or former member who: retires on disability; or is deemed to retire on disability under paragraph (3) of this subsection. 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. A member who dies after submitting an application for disability but before the medical board approves the application is deemed retired on disability.