79-938. Retirement allowance; method of payment; election.

At any time before the retirement date a member may elect to receive his or her school retirement allowance or disability retirement allowance under any optional form specified in the group annuity contract, if one exists, or under any optional form permitted by the retirement board, if no group annuity contract exists. Such optional annuity shall be the actuarial equivalent of the normal form of the annuity.

Source:Laws 1945, c. 219, § 31, p. 648; R.S.Supp.,1947, § 79-2931; Laws 1949, c. 256, § 464, p. 850; Laws 1951, c. 291, § 5, p. 967; Laws 1967, c. 546, § 8, p. 1806; Laws 1969, c. 735, § 9, p. 2781; R.S.1943, (1994), § 79-1530; Laws 1996, LB 900, § 573.