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.
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