1. (a) Notwithstanding Section 45-8A-22.120, effective with respect to distributions before October 1, 2012, a participant may elect to receive a partial lump sum option whereby the amount of his or her monthly retirement benefit shall be reduced, in return for the payment to the participant of a lump sum amount, in cash, at the time his or her monthly pension is first payable. The participant may elect to receive the lump sum, which is based on the reduced amount of his or her regular monthly benefit, before any reduction for survivor benefits, for life multiplied by the specified number of months, as set forth below: PubTbl tgroup dispwid=“720.00px” Reduction Factor Multiplier 0.9112 months 0.8324 months 0.7736 months 0.7148 months 0.6760 months

   Lump Sum Benefit = Monthly Retirement Benefit X Reduction Factor X Multiplier

   The monthly benefit then shall be reduced appropriately for survivor benefit options.

2. (b) Effective with respect to distributions on and after October 1, 2012, the plan does not provide a partial lump sum distribution option; rather all distributions shall be made in accordance with Section 45-8A-22.120.

(Act 2012-484, p. 1349, §22.)