38-911. Deferred annuity; eligibility;
amount
If any member who has at least ten years of credited service terminates employment
for reasons other than retirement or disability, the person may elect to receive a
deferred annuity, except that if the person withdraws the person's accumulated
contributions from the plan, all rights to a deferred annuity are forfeited. A deferred
annuity is a lifetime monthly payment that is actuarially equivalent to the annuitant's
accumulated contributions in the plan plus an equal amount paid by the employer and
commences on application on or after the sixty-second birthday of the annuitant. The
deferred annuity is not a retirement benefit and annuitants are not entitled to receive
any amount prescribed by section 38-887, 38-888, 38-904, 38-905 or 38-906.
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