§ 36-10-10.3. Social security supplemental option.
(a) In lieu of the lifetime service retirement allowance, a vested member who has completed at least ten (10) years of contributory service on or before July 1, 2005 who retires in accordance with §§ 16-16-12, 36-10-9 and 36-10-9.2 may choose an optional form of retirement benefit known as the social security supplemental option.
(b) This option provides for the payment of a larger benefit before the attainment of age sixty-two (62) and a reduced amount thereafter. The reduced amount shall be equal to the benefit before age sixty-two (62), including cost of living increases, minus the member’s estimated social security benefit payable at age sixty-two (62). Under this option the benefits payable before and after the attainment of age sixty-two (62) will be actuarially determined to be equivalent to the lifetime service retirement allowance as determined in § 36-10-10.
(c) Election of this supplemental option shall be applicable only to those who elect the service retirement allowance determined in accordance with Schedule A as provided by § 36-10-10.
History of Section.
P.L. 1986, ch. 542, § 2; P.L. 1988, ch. 535, § 1; P.L. 2005, ch. 117, art. 7, § 2.