SB539 HFIN AM
The Committee on Finance moves to amend the bill on page
nineteen, section eleven, following line seventeen, by striking out
the remainder of the section and inserting in lieu thereof the
following:
"(a) Normal retirement. -- A member whose annuity starting
date is the date the member attains normal retirement age or later
is entitled to his or her accrued retirement benefit without
adjustment for age at commencement based on years of service and
final average salary at termination of employment. To the extent
that a member's starting date is later than his or her normal
retirement age, the amount of that member's retirement income
benefit shall be adjusted as provided in subsection (c) of this
section.
(b) Early retirement. -- A member who ceases covered
employment and has attained early retirement age while in covered
employment may elect to receive retirement income payments
commencing on the first day of the month coincident with or
following the date the member ceases covered employment. "Normal
retirement age" for such a member is the first day of the calendar
month coincident with or next following the month in which the
member attains the age of fifty years. If the member's annuity
starting date is prior to the date the member attains normal
retirement age, his or her accrued benefit is reduced to the
actuarial equivalent benefit amount based on the years and months
by which his or her annuity starting date precedes the date he or she attains normal retirement age. If the member's annuity starting
date is later than the date the member attains the age of fifty
years, the accrued benefit is adjusted as provided in subsection
(c) of this section.
(c) Late retirement. -- A member whose annuity starting date
is later than the date the member attains normal retirement age
shall receive retirement income payments in the normal form which
is the actuarial equivalent of the benefit to which he or she would
have been entitled had the retirement income payments commenced at
the member's normal retirement age.
(d) Retirement benefits shall be paid monthly in an amount
equal to one twelfth of the retirement income payments elected and
at those times established by the board. Notwithstanding any other
provision of the plan, a member who is married on the annuity
starting date will receive his or her retirement income payments in
the form of a sixty-six and two-thirds percent joint and survivor
annuity with his or her spouse unless prior to the annuity starting
date the spouse waives the form of benefit.
"