Disability program benefit

B. A participant, as defined in section 38-865, paragraph 7, subdivision (a), item (i), who meets the requirements for a disability pension as prescribed in section 38-844, except for an ordinary disability, shall receive a monthly disability benefit equal to a monthly disability pension that would be provided to a public safety personnel retirement system member who is hired on or after July 1, 2017, reduced by an amount equal to the monthly annuitized value of the participant's annuity account under article 4.1 of this chapter that does not include a cost-of-living adjustment, as determined by the board. A participant, as defined in section 38-865, paragraph 7, subdivision (b), who meets the requirements for a disability pension as prescribed in section 38-886, except for an ordinary disability, shall receive a monthly disability benefit equal to a monthly disability pension that would be provided to a corrections officer retirement plan member who is hired on or after July 1, 2018, reduced by an amount equal to the monthly annuitized value of the participant's annuity account under article 4.1 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 participant's annuity account under article 4.1 of this chapter to be used in reducing the disability benefit paid pursuant to this section, the board shall instruct its actuary to calculate the monthly payment that would be paid to the participant assuming the participant had elected a straight life annuity commencing on the participant's date of disability, using the mortality and interest factors then used by the actuary in determining the valuation of the public safety personnel retirement system or the corrections officer retirement plan, as applicable.