Page 249

House Bill No. 5506

Public Act No. 22-118 249 of 739

rendered were less than twenty years by age sixty or by the subsequent date of retirement, and (2) number of years of all additional credited service not used in subdivision (1) of this subsection multiplied by one per cent. (e) Repealed by P.A. 79-541, S. 5, 6. (f) [In] (1) Except as provided in subdivision (2) of this subsection, in addition to a retirement benefit computed under subsections (a) to (d), inclusive, of this section and a disability allowance under subsections (a) to (g), inclusive, of section 10-183aa, a member shall receive a lump sum payment equal to the member's accumulated one per cent contributions withheld prior to July 1, 1989, and any voluntary contributions, with credited interest. Such lump sum shall be paid not later than three months after (A) the effective date of retirement, or (B) the date the first payment of a disability allowance under section 10- 183aa, is made, except the board may delay payment of such lump sum in extenuating circumstances. In the case of a delay in payment of the lump sum in extenuating circumstances, the board shall provide notice in writing to the member explaining the nature of the extenuating circumstances necessitating a delay in payment and an estimated time when the board expects to make the payment to the member. (2) In lieu of such lump sum, the member may elect to receive an actuarially equivalent annuity for life. [Such lump sum or] Payment of such annuity shall [be paid, or commenced to be paid,] commence when the first payment of the [other] retirement benefit computed under subsections (a) to (d), inclusive, of this section or a disability allowance under subsections (a) to (g), inclusive, of section 10-183aa whichever is earlier, is made. (g) A member's complete formal application for retirement, if sent by mail, shall be deemed to have been filed with the board on the date such application is postmarked. No benefit computed under subsections (a)