Text of: 1271-NonDis
The Committee recommends concurrence as amended:
Amend by substitution to Petition Number 30253. Replace the language as follows:
Effective January 1, 2002, amend section E.02b of Supplement One to read:
On or after the Early Retirement Date, and upon application, a Participant shall receive a monthly retirement benefit equal to the sum of such Participant's Service Annuity and, if any, the Personal Contributions Annuity. However, if the Participant retires on his/her Late Retirement Date, occurring on or after January 1, 2002, his/her benefit shall be actuarially adjusted to reflect the delay in retirement date. The actuarial adjustment shall be determined pursuant to procedures developed by the Administrator. If the Participant is married at the time of retirement and the marriage took place prior to the cessation of service rendered by the Participant while Under Episcopal Appointment, the form of the annuity shall be a life annuity with 70% (75% or 100% if elected by the applicable Conference and so set forth in the Adoption Agreement) payable to the Contingent Annuitant. The Participant shall be the primary annuitant and the spouse shall be the Contingent Annuitant. If the Participant is not married at the time of retirement or if the Participant's marriage took place after he/she ceased serving Under Episcopal Appointment, the form of the annuity shall be a single-life annuity.
1) The first payment of the monthly retirement benefit shall be due as of the first day of the month following the month in which retirement occurs or application for the pension is made, whichever is later.
2) Notwithstanding this provision, an Annual Conference may designate the date of first payment to be the first day of the month in which the retirement takes place.
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