Adjustment of early retirement benefits--Rescind election of annuity payment option--Overpayments

A member may not elect to change normal payment of the member's retirement annuity in favor of adjusted payments pursuant to § 3-12C-1112 , or the opposite if more than one monthly retirement annuity payment has been made to the member. If a member who has received one adjusted payment, pursuant to § 3-12C-1112 , elects to change to the normal method of payment, the system must deduct, in a lump sum, the amount of the resulting overpayment from the member's next monthly annuity payment. A deduction may be up to one hundred percent of the member's normal benefit and may extend to subsequent benefit payments to eliminate the overpayment in the shortest time possible. Source: SL 2025, ch 27 , § 50.