Sec. 16-136.3. Alternate minimum retirement annuity.
141 words·~1 min read·
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Sec. 16-136.3. Alternate minimum retirement annuity.
(a)Any member retiring with at least 10 years of creditable service on or before December 31, 1983 is entitled to such additional amount of retirement annuity under this Section, if necessary, that is sufficient to provide a minimum retirement annuity of $200 per month. Any increase in retirement annuity provided under this Section shall not begin to accrue until the latest of:
(1)September 1 following attainment of age 60;
(2)September 1 following the first anniversary of retirement; or
(3)the first day of the month following receipt of the required qualifying contribution from the annuitant as specified in Section 16-136.2.
(b)The minimum retirement annuity provided under this Section shall continue to be paid only to the extent that funds are available in the minimum retirement annuity reserve established under Section 16-186.3.