(1) (a) (Deleted by amendment, L. 2009, (SB 09-017), ch. 53, p. 191, § 4, effective March 25, 2009.)
Any disability benefit provided pursuant to section 31-31-803 shall be reduced by thepro rata amount of any social security benefit received by the member attributable to the member's quarters of social security coverage derived from employment as a member.
Any member receiving an occupational disability benefit pursuant to section 31-31803 or 31-31-806.5 and a social security benefit attributable to the member's quarters of social security coverage derived from employment as a member shall file an annual report concerning any social security income. If such member knowingly fails to file such report or files a fraudulent report, the disability benefit shall be discontinued.
(2) The benefits payable under section 31-31-803 or 31-31-806.5 to any member who is occupationally disabled prior to October 1, 2002, is permanently occupationally disabled, or who is totally disabled and who at the time of the award of such benefits is a member of a money purchase plan pursuant to this article or article 30.5 of this title, including any department chief, who at the time of the award of such benefits has been exempted from the statewide defined benefit plan as permitted by section 31-31-401 (4), shall be reduced by an amount that is the actuarial equivalent of the benefits such member receives from any such money purchase plan, whether the benefits received from the money purchase plan are paid on a periodic basis or in a lump sum. No such reduction shall exceed the actuarial equivalent of money purchase plan benefits if such benefits had been funded at the same rate of contributions specified in section 31-31-402 (1) and (2) as is required for benefits under section 31-31-403.
Source: L. 96: Entire article added with relocations, p. 929, § 1, effective May 23; (1)(a),
(1)(c), and (2) amended, p. 317, § 5, effective November 17. L. 2001: (1)(a) and (1)(c) amended, p. 423, § 12, effective June 1. L. 2002: (1)(a), (1)(c), and (2) amended, p. 179, § 5, effective October 1. L. 2007: (1)(a) amended, p. 270, § 2, effective March 29. L. 2009: (1) amended, (SB 09-017), ch. 53, p. 191, § 4, effective March 25.
Editor's note: Provisions of this section were formerly numbered as § 31-30-1007 (3) and (9).