(a) In lieu of the retirement on service allowance, a vested member who retires in accordance with § 45-21-16 may choose an optional form of retirement benefit known as the social security supplemental option.
(b) This option provides for the payment of a larger benefit before the attainment of age sixty-two (62) and a reduced benefit thereafter. The reduced amount is equal to the benefit before age sixty-two (62), including cost of living increases, reduced by the member's estimated social security benefit payable at age sixty-two (62). Benefits payable under this option before and after the attainment of age sixty-two (62) are actuarially determined to be equivalent to the lifetime service retirement allowance as determined in § 45-21-17.
(c) Election of this social security supplemental option is available only to members with ten (10) or more years of contributing service on or before June 30, 2012, who elect the service retirement allowance set forth in § 45-21-17.
History of Section.
P.L. 1987, ch. 594, § 2; P.L. 2011, ch. 408, § 11; P.L. 2011, ch. 409, § 11.