Any member upon his retirement for service before attainment of the minimum age of qualification for his primary benefit under the old-age and survivor disability insurance provisions of the Federal Social Security Act, may elect to adjust his retirement allowance under the system, effective on the effective date of such allowance, by an increase from time prior to his attainment of such age and a decrease for time on and after his attainment of such age, provided that: (1) the amount of the increase and decrease shall be actuarially equivalent; (2) the adjustment shall be based on an estimated reduction in his retirement allowance pursuant to the provisions of Section 16.88-3 of this Article, if determined in accordance with the provisions of said act as in effect on the effective date of his retirement under the system, and by taking into account only his coverage under said Act, prior to said effective date; (3) the increase shall not be modified under an option provided by ordinance; (4) such election shall be irrevocable; (5) such election may not be executed earlier than 90 days before the effective date of his retirement allowance, and shall be effective only if executed on a form provided by the Retirement System and filed in the office of the system prior to the date on which the first payment on account of his retirement allowance is made.
(Added by Ord. 488-59, App. 9/14/59)