§ 45-21-17.2 - Social security supplemental option. - Rhode Island Statutes

SECTION 45-21-17.2

   § 45-21-17.2  Social security supplementaloption. – (a) In lieu of the retirement on service allowance, a vested member who retiresin accordance with § 45-21-16 may choose an optional form of retirementbenefit known as the social security supplemental option.

   (b) This option provides for the payment of a larger benefitbefore the attainment of age sixty-two (62) and a reduced benefit thereafter.The reduced amount is equal to the benefit before age sixty-two (62), includingcost of living increases, reduced by the member's estimated social securitybenefit payable at age sixty-two (62). Benefits payable under this optionbefore and after the attainment of age sixty-two (62) are actuariallydetermined to be equivalent to the lifetime service retirement allowance asdetermined in § 45-21-17.

   (c) Election of this social security supplemental option isavailable only to those who elect the service retirement allowance set forth in§ 45-21-17.