(1) Definitions.
(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.
Notes
| 114 | Added, Bill No. 110443 (became law September 15, 2011), effective December 14, 2011. |