§ 18-42. Lump sum or other option.

Latest version.

A member may elect to receive twenty-five (25) percent of the actuarially equivalent value of their benefits in a lump sum. The payment of any lump sum distribution to the retiree shall actuarially reduce the future benefits of the retiree. If the total actual value of the member's lump sum benefits do not exceed five thousand dollars ($5,000.00), the member may receive the total benefit in a lump sum.

(Code 1964, § 9A-6(d)); Ord. No. 1538, § 2, 3-2-88; Ord. No. 1579, § 2, 9-28-88; Ord. No. 2271, § 7, 5-1-2002)

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');