§ 9-40. Small retirement income.

Latest version.

If the retirement income to which any participant becomes entitled should be less than five dollars ($5.00) per month, the participant may be paid, in lieu of such income, a lump sum cash payment actuarially equivalent to such retirement income.

If periodic payments to any person would be less than twenty dollars ($20.00) per month, the fiduciary or board may pay at such intervals as will make each payment at least twenty dollars ($20.00).

(Ord. No. O-77-11, Art. XII, 8-3-77)

                    
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