Adjustment of increase for retired members electing optional payment or early retirement

The amount calculated under subdivision 3-12C-1603(2) will be adjusted to its actuarial equivalent if the retired member had elected an optional form of payment other than the normal form provided by the retirement system from which the member retired, or if the age of a retired member is less than the normal retirement age necessary for receiving a normal retirement benefit as provided by the retirement system from which the member retired. Source: SL 1974, ch 35, § 79; SL 2017, ch 27, § 25; SDCL § 3-12-125 ; SL 2019, ch 22, § 1.