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§ 22-312. Partial Lump Sum Option. 112
(a) Partial Lump Sum Beneficiary. An employee who has chosen Option 5 under subsection 22-306(1).
(b) Regular Benefit Option. Either Option 1, Option 2, Option 3 or Option 4, as elected by a Partial Lump Sum Beneficiary when he or she elects Option 5.
(c) Unadjusted Benefit. The monthly benefit a Partial Lump Sum Beneficiary would have received had he or she chosen the Regular Benefit Option rather than Option 5.
(d) Lump Sum Months. A whole number between six and thirty-six, representing the number of months of Unadjusted Benefits a Partial Lump Sum Beneficiary elects to receive as a lump sum benefit upon retirement. A Partial Lump Sum Beneficiary must specify the Lump Sum Months as part of his or her Option 5 election.
(e) Partial Lump Sum. The Unadjusted Benefit multiplied by the Lump Sum Months.
(2) A Partial Lump Sum Beneficiary shall, upon retirement, receive the Partial Lump Sum and a monthly pension payment which shall be actuarially reduced so that the Partial Lump Sum plus the monthly pension payments are the actuarial equivalent of the Unadjusted Benefit.
Added, Bill No. 110443 (became law September 15, 2011), effective December 14, 2011.