According to such rules and regulations as the Commission may from time to time adopt, any member who retires prior to his or her attainment of age 65 years and who is covered by the federal old-age, survivors, disability and health insurance program on account of his employment by the city may elect to have his or her straight life retirement allowance actuarially equated to provide an increased retirement allowance payable to his or her attainment of age 65 years and a reduced retirement allowance payable thereafter. His or her increased retirement allowance payable to his or her attainment of age 65 years shall approximate the sum of his or her reduced retirement allowance payable after his or her attainment of age 65 years and his or her estimated social security primary insurance amount. This section shall not apply to a member who elects option 1, 2 or 3 provided in § 32.016(J) of this chapter, nor shall it apply to a member who retires under § 32.019(B) of this chapter.
(Prior Code, § 2-223) (Ord. 368, passed 9-25-1967)