For the purpose of determining the benefits calculated under Sections 38-69-260 and 38-69-270, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date is considered to be the latest date for which election is permitted by the contract but may not be considered to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
HISTORY: Former 1976 Code Section 38-8-80 [1978 Act No. 517 Section 8] recodified as Section 38-69-280 by 1987 Act No. 155, Section 1.