Payment of reserve value

(a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750). (b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805. (a) The plan may pay the reserve value of any annuity benefit to a retirant or beneficiary when the annuity benefit payment is less than twenty dollars ($20.00) per month, except that the consent of the payee shall be required if the payment exceeds one thousand seven hundred fifty dollars ($1,750). (b) The reserve value shall be the actuarial equivalent of the annuity otherwise payable. (c) Any lump-sum payment so made shall be a complete discharge of all liability under the plan with respect to the annuity. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.