At any time before the retirement date a member may elect to receive his or her school retirement allowance or disability retirement allowance under any optional form specified in the group annuity contract, if one exists, or under any optional form permitted by the retirement board, if no group annuity contract exists. Such optional annuity shall be the actuarial equivalent of the normal form of the annuity.

Source

  • Laws 1945, c. 219, § 31, p. 648;
  • R.S.Supp.,1947, § 79-2931;
  • Laws 1949, c. 256, § 464, p. 850;
  • Laws 1951, c. 291, § 5, p. 967;
  • Laws 1967, c. 546, § 8, p. 1806;
  • Laws 1969, c. 735, § 9, p. 2781;
  • R.S.1943, (1994), § 79-1530;
  • Laws 1996, LB 900, § 573.

Terms Used In Nebraska Statutes 79-938

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • School: means a school under the jurisdiction of a school board authorized by Chapter 79. See Nebraska Statutes 79-101
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