38-761. Level income alternative

A. Any member who retires before age sixty-two may elect, at any time before the date the first payment on account of the member's retirement benefit normally becomes due, to convert the retirement benefit otherwise payable to the member after retirement into a reduced retirement benefit that is its actuarial equivalent and is of an amount that, with the member's primary insurance amount under title II of the social security act, the member will receive, as far as possible, the same amount each year before and after the primary insurance amount begins.

B. A member may rescind the member's election of the reduced retirement benefit provided by subsection A within six months after the member's date of retirement if the member reimburses ASRS with a lump sum payment for any additional benefits paid to the member pursuant to this section.

38-761. Level income alternative

A. Any member who retires before age sixty-two may elect, at any time before the date the first payment on account of the member's retirement benefit normally becomes due, to convert the retirement benefit otherwise payable to the member after retirement into a reduced retirement benefit that is its actuarial equivalent and is of an amount that, with the member's primary insurance amount under title II of the social security act, the member will receive, as far as possible, the same amount each year before and after the primary insurance amount begins.

B. A member may rescind the member's election of the reduced retirement benefit provided by subsection A within six months after the member's date of retirement if the member reimburses ASRS with a lump sum payment for any additional benefits paid to the member pursuant to this section.