Amount of Benefit Payments

(a) The amount of benefit payments a retired member shall receive shall be based solely upon the balance in the member’s account at the date of retirement, the retirement option selected, the actuarial life expectancy of the member, and such other factors as normally govern annuity payments. (b) The board, or its designee, is authorized upon retirement of a member, upon the election of that member, to purchase an annuity for the member upon his or her retirement.