Amount of Benefit Payments

(a)The amount of benefit payments that a retired member shall receive shall be based solely upon the balance in the member’s deferred compensation plan account at the date of retirement, the retirement option selected, the actuarial life expectancy of the member, if applicable, and such other factors as normally govern annuity payments.

(b)The Board of Trustees, or its designee, is authorized upon retirement of a member, upon the election of that member, to purchase an annuity for the member upon his or her retirement.

(c)In accordance with 7 GCA § 23111, no amount of deferred compensation is assignable or subject to execution, levy, attachment, garnishment or other legal process.