104.1092. Deferred annuity, one-time election, when — forfeiture of creditable service — ineligibility for long-term disability benefits.
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104.1092. Deferred annuity, one-time election, when — forfeiture of creditable service — ineligibility for long-term disability benefits. — 1. In lieu of retirement annuity benefits otherwise payable under the closed plan or year 2000 plan, any member who has terminated employment, is entitled to a deferred annuity, and has not yet reached normal retirement age or eligibility may make a one-time election to receive a lump sum payment equal to a percentage of the present value of such member's deferred annuity should a board choose to establish such a program by board rule pursuant to section 104.1063 .
2. Any such election under subsection 1 of this section may be made by the member beginning on a date as established by the board under such program but not after May 31, 2018. After May 31, 2018, no such election shall be made and retirement annuity benefits shall only be paid as otherwise provided by law under this chapter.
3. Any such member making such election under subsection 1 of this section shall forfeit all such member's creditable or credited service and future rights to receive retirement annuity benefits from the system under this chapter and shall not be eligible to receive any long-term disability benefits. If such member subsequently becomes an employee, such member shall be considered a new employee with no prior credited service and shall be subject to the provisions of section 104.1091 .
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(L. 2017 S.B. 62)