§ 18-119. Social Security option.  


Latest version.
  • An employee who retires before he is entitled to receive monthly benefits under the Federal Social Security system may elect to receive increased pension plan benefits before Social Security benefits begin, and decreased pension plan benefits thereafter to obtain, insofar as practical, a level total yearly retirement income from two (2) sources. The amounts he will receive, both before and after he becomes eligible for Social Security payments, shall be the actuarial equivalent of the benefits to which he would have been entitled had he not selected this option.
    (Code 1958, § 21-55)