A. In determining eligibility for and continuation of a disability benefit and computing the amount available to a member, the board shall follow the same procedures and methods as prescribed in section 38-806, except that an elected official who no longer holds office must apply within one year after terminating office and the credited service used to compute the benefit shall be only the time earned while a member of the elected officials’ defined contribution retirement system established pursuant to article 3.1 of this chapter. Payment of the disability benefit will be made retroactive only to the date the board receives an application for the disability.

B. A member who meets the requirements for a disability pension as prescribed in section 38-806 shall receive a monthly disability benefit equal to a monthly disability pension that would be provided to a member who was elected, appointed or hired on or after January 1, 2012 and before January 1, 2014, reduced by an amount equal to the monthly annuitized value of the member’s annuity account under article 3.1 of this chapter that does not include a cost-of-living adjustment, as determined by the board. In determining the monthly annuitized offset value of the member’s annuity account under article 3.1 of this chapter to be used in reducing the disability benefit paid pursuant to this subsection, the board shall instruct the actuary for the elected officials’ retirement plan to calculate the monthly payment that would be paid to the member assuming the member had elected a straight life annuity commencing on the member’s date of disability, using the mortality and interest factors then used by the actuary in determining the valuation of the elected officials’ retirement plan.