§ 40-141. Actuarial Equivalence, or Actuarially Equivalent.
Latest version.
Actuarial equivalence or actuarially equivalent shall mean that any benefit payable
under the terms of this Plan in a form other than the normal form of benefit shall
have the same actuarial present value on the date payment commences as the normal
form of benefit. For purposes of establishing the actuarial present value of any form
of payment, other than a lump sum distribution, all future payments shall be discounted
for interest and mortality by using seven (7) percent interest and the 1983 Group
Annuity Mortality Table for Males, with ages set ahead five (5) years in the case
of disability retirees. In the case of a lump sum distribution, the actuarial present
value shall be determined on the basis of the same Annuity Mortality Table as just
described and the thirty (30) year Treasury Security Interest rates for the month
prior to the member's date of termination.
