Section 45-8A-22.82 Partial lump sum option.
Section 45-8A-22.82
Partial lump sum option.
A participant may select the partial lump sum option whereby the amount of his or her monthly retirement benefit shall be reduced, in return for the payment to him/her of a lump sum amount, in cash, at the time his or her monthly pension is first payable. The participant may elect to receive the lump sum, which is based on the reduced amount of his or her regular monthly benefit (before any reduction for survivor benefits) for life multiplied by the specified number of months, as set forth below:
Reduction
Factor Multiplier
0.91 12 months
0.83 24 months
0.77 36 months
0.71 48 months
0.67 60 months
Lump sum benefit = monthly retirement benefit times reduction factor times multiplier. The monthly benefit will then be reduced appropriately for survivor benefit options.
(Act 2002-298, p. 815, §24; Act 2002-304, p. 841, §24.)