Section 6-26-15 - Computation of age to determine the age reduction penalty(a) The member's age nearest the year and full months shall be used to determine the factors of actuarial equivalence to be applied in reducing the member's retirement allowance if the member has not reached the prescribed retirement age.(b) In computing the nearest years and full months of age of a member, any fraction of fifteen or more days shall be considered as the next older month of age. Example A:
Date of retirement | 2027 - 6 - 1 |
Date of birth | 1972 - 6 - 16 |
Actual age | 54 - 11 - 15 |
Nearest age | 55 - 0 |
Example B:
Date of retirement | 2027 - 6 - 1 |
Date of birth | 1972 - 6 - 17 |
Actual age | 54 - 11 - 14 |
Nearest age | 54 - 11 |
[Eff 2/9/89; am and comp NOV 26 2009] (Auth: HRS § 88-28) (Imp: HRS §§ 88-74, 88-282, 88-332)