Reduced benefit option

A participating member may enter into an agreement with the retirement board to receive an actuarially adjusted monthly retirement benefit to accommodate the less than full payment for years of service credit necessary to meet the normal retirement date, if the following criteria are met: 1. The participating member is within seventy-two months of obtaining the normal retirement date. 2. The service cannot be purchased prior to the participating member drawing a retirement benefit because it would be in violation of 26 U.S.C. 415 or limits of purchasing additional service credit found under subsection 10 of North Dakota Century Code section 54-52-17.4. 3. The participating member must have completed all other types of purchases the participating member is eligible for prior to entering into the reduced benefit agreement. 4. The participating member's reduced benefit agreement must indicate a benefit option election. If a benefit election is an optional benefit under subsection 1 or 2 of section 71-02-04-04, the reduced benefit is payable over the lifetime of both the member and surviving spouse.