(1) Members and vested inactive members who have met the age and service credit requirements for eligibility for a service retirement benefit or a reduced service retirement benefit shall, upon written application and approval of the board, receive the greater of:
The retirement benefit calculated pursuant to section 24-51-603 or 24-51-605 forwhich the member is eligible; or
The money purchase retirement benefit.
(2) The money purchase retirement benefit referred to in paragraph (b) of subsection (1) of this section shall be actuarially determined and shall be based upon the value on the effective date of retirement of the member contribution account and matching employer contributions. The benefit shall be considered a service retirement benefit for all purposes of this article.
Source: L. 95: Entire section added, p. 555, § 8, effective July 1.