Payments: Time For

(a)Any service retirement annuity, disability retirement annuity or any other annuity provided herein shall be payable in equal semi-monthly installments as life annuities, or as temporary annuities, as the case may be and shall not be increased, decreased, revoked or repealed, except for error or except where specifically otherwise provided. The cost of providing death benefits for members in receipt of retirement annuities shall not be construed as a reduction in the life annuity payable to the member.

(b)Semi-monthly annuity payments to eligible members shall commence on the first regular payment date immediately following the effective date of retirement or disability and in the case of eligible survivors on the first regular payment date immediately following the death of the member or retiree. Said payments shall commence notwithstanding the fact that the Board of Trustees shall not have passed the application or authorized the expenditure therefor, in which event the payments shall be made for an amount estimated to be payable by the Director of Administration. The Board shall adopt rules and regulations to provide for the reimbursement of the Fund or the annuitant for estimate payments made in excess of or less than the annuity as finally determined by the Board.

(c)The first semi-monthly payment of annuities shall be prorated to provide benefits only for the portion of the preceding period during which the annuitant was eligible for such annuity. CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(d)The last semi-monthly payment of annuities, whether occurring by reason of death, ineligibility or otherwise, shall be prorated to provide benefits only for the portion of the preceding period during which the annuitant was eligible for such annuity.