and" and inserting
Class A-5 and Class
Amend Amendments, page 153, line 42, by striking out
"interest" and inserting
reduction factor
Amend Amendments, page 153, line 43, by striking out "that"
and inserting
, other than a Class A-5 member who has attained age 57
and 25 eligibility points, who
Amend Amendments, page 153, lines 43 through 46, by striking
out "the amount required" in line 43 and all of lines 44 through
46 and inserting
determined so that a maximum single life annuity with an
effective date of retirement before the member attains age 62
shall be actuarially equivalent to the maximum single life
annuity the member would receive if the member became a vestee
and later applied for an annuity with an effective date of
retirement on the date the member attained age 62. For purposes
of this subsection, the annuity that the member would receive at
age 62 shall not be determined using the 0.25% per month
reduction in subsection (a)(1) based on having 25 years of
service. For purposes of this subsection, the maximum single
life annuity actually being received is actuarially equivalent
to the maximum single life annuity with an effective date of
attaining age 62 if the actual maximum single life annuity has
the same present value as the maximum single life annuity at age
62, computed on the basis of interest at 7.375% per annum,
compounded annually, and the mortality tables adopted by the
board.
Amend Amendments, page 161, lines 3 through 5, by striking
out all of said lines and inserting
Section 320. Section 5707(a), (b) and (f) of Title 71 are
amended and the section is amended by adding a subsection to
read:
Amend Amendments, page 162, by inserting between lines 2 and
3
Section 320.1. Section 5709 heading, (a) and (b) of Title 71
are amended to read:
2017/90PWK/SB0001A01558 - 4 -
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