38-911. Deferred annuity; eligibility; amount; exception
A. If any member who has at least ten years of credited service terminates employment for reasons other than retirement or disability, the person may elect to receive a deferred annuity, except that if the person withdraws the person's accumulated contributions from the plan, all rights to a deferred annuity are forfeited. A deferred annuity is a lifetime monthly payment that is actuarially equivalent to the annuitant's accumulated contributions in the plan plus an equal amount paid by the employer and commences on application on or after the sixty-second birthday of the annuitant. The deferred annuity is not a retirement benefit and annuitants are not entitled to receive any amount prescribed by section 38-887, 38-888, 38-904, 38-905, 38-905.02 or 38-906.
B. This section does not apply to a member who becomes a member of the plan on or after January 1, 2012. Such a person who attains a normal retirement date is eligible for retirement and a retirement benefit even if the member terminates employment with an employer before the age requirement for normal retirement if the member attains the service requirement for normal retirement.
Section: Previous 38-905.04 38-906 38-907 38-908 38-909 38-909.01 38-910 38-911 38-912 38-921 38-922 38-923 38-924 38-951 38-952 NextLast modified: October 13, 2016