Sec. 7-459b. Deferred retirement option plan.

(b) Any deferred retirement option plan created shall include a fixed period of time for member participation, not to exceed five years, and a specified rate of interest credit for member accounts. All other provisions of the deferred retirement option plan shall be as determined by the Retirement Commission, provided the structure of such plan is certified by the consulting actuary to the Municipal Employees' Retirement Fund as having no anticipated impact that would increase the contribution rates for municipalities participating in said fund. Not later than four years after the creation of such plan, the Retirement Commission shall obtain an evaluation of such plan from the consulting actuary and review and assess such evaluation to determine the cost to the fund associated with such plan. After receiving such evaluation, the Retirement Commission may discontinue such plan.