(SB 7)
Level income payment option clarified.
Section
1.
That
§
3-12-107
be amended to read as follows:
3-12-107.
Any member who retires before
he is
being
eligible for social security retirement
benefits may elect to receive
a
initial
retirement benefit
payments
from the system in an amount
greater than the
standard
benefit
payments
computed on the basis of
his
the member's
age and
earnings at retirement. The greater amount
, in conjunction with a later reduced amount,
shall be
the actuarial equivalent of the normal retirement allowance computed on the basis of age at
retirement. The greater amount shall be paid until the member reaches the age of sixty-two, at
which time the payment from the system shall be
the
reduced
amount
so that, as far as possible,
the member's combined
monthly
retirement income from the system and social security shall
be
a level monthly amount
approximately equal the greater amount paid prior to age sixty-two
.