§ 36-10-10.3 - Social security supplemental option. - Rhode-island Statutes

State Codes and Statutes

Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-10-3

SECTION 36-10-10.3

§ 36-10-10.3 Social security supplementaloption. – (a) In lieu of the lifetime service retirement allowance, a vested member whohas completed at least ten (10) years of contributory service on or before July1, 2005 who retires in accordance with §§ 16-16-12, 36-10-9 and36-10-9.2 may choose an optional form of retirement benefit known as the socialsecurity supplemental option.

(b) This option provides for the payment of a larger benefitbefore the attainment of age sixty-two (62) and a reduced amount thereafter.The reduced amount shall be equal to the benefit before age sixty-two (62),including cost of living increases, minus the member's estimated socialsecurity benefit payable at age sixty-two (62). Under this option the benefitspayable before and after the attainment of age sixty-two (62) will beactuarially determined to be equivalent to the lifetime service retirementallowance as determined in § 36-10-10.

(c) Election of this supplemental option shall be applicableonly to those who elect the service retirement allowance determined inaccordance with Schedule A as provided by § 36-10-10.

State Codes and Statutes

Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-10-3

SECTION 36-10-10.3

§ 36-10-10.3 Social security supplementaloption. – (a) In lieu of the lifetime service retirement allowance, a vested member whohas completed at least ten (10) years of contributory service on or before July1, 2005 who retires in accordance with §§ 16-16-12, 36-10-9 and36-10-9.2 may choose an optional form of retirement benefit known as the socialsecurity supplemental option.

(b) This option provides for the payment of a larger benefitbefore the attainment of age sixty-two (62) and a reduced amount thereafter.The reduced amount shall be equal to the benefit before age sixty-two (62),including cost of living increases, minus the member's estimated socialsecurity benefit payable at age sixty-two (62). Under this option the benefitspayable before and after the attainment of age sixty-two (62) will beactuarially determined to be equivalent to the lifetime service retirementallowance as determined in § 36-10-10.

(c) Election of this supplemental option shall be applicableonly to those who elect the service retirement allowance determined inaccordance with Schedule A as provided by § 36-10-10.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-10-3

SECTION 36-10-10.3

§ 36-10-10.3 Social security supplementaloption. – (a) In lieu of the lifetime service retirement allowance, a vested member whohas completed at least ten (10) years of contributory service on or before July1, 2005 who retires in accordance with §§ 16-16-12, 36-10-9 and36-10-9.2 may choose an optional form of retirement benefit known as the socialsecurity supplemental option.

(b) This option provides for the payment of a larger benefitbefore the attainment of age sixty-two (62) and a reduced amount thereafter.The reduced amount shall be equal to the benefit before age sixty-two (62),including cost of living increases, minus the member's estimated socialsecurity benefit payable at age sixty-two (62). Under this option the benefitspayable before and after the attainment of age sixty-two (62) will beactuarially determined to be equivalent to the lifetime service retirementallowance as determined in § 36-10-10.

(c) Election of this supplemental option shall be applicableonly to those who elect the service retirement allowance determined inaccordance with Schedule A as provided by § 36-10-10.