49-13-403 - Allowance payable by lump-sum payment.
49-13-403. Allowance payable by lump-sum payment.
(1) If a retiree's allowance, as computed under Section 49-13-402, amounts to $25 orless, the allowance may be settled by the office by making a lump-sum payment of an amountactuarially equivalent to the allowance.
(2) A payment made under this section constitutes a full and complete settlement of theretiree's claim against this system.
Renumbered and Amended by Chapter 250, 2002 General Session