Section 38.40. Social security estimate.

If a member elects the equated payment under MCL 38.20(2) of the act, the estimated social security primary insurance amount shall be based on an estimate of the age 65 social security benefit obtained by the member from the social security administration and provided by the member to the staff of the retirement system. This social security  estimate  shall  be  used  to actuarially  adjust  the  retirement  allowance to provide an  increased retirement allowance payable up to age 65 irrespective of when the retirant begins to draw social security. The retirement allowance shall be reduced at age 65 by the social security estimate amount the retired member provided at the time of retirement.

History: 2008 AACS.