19-3-903. Time of commencement of benefit. (1) The board shall grant a retirement benefit to any member who has fulfilled the eligibility requirements of 19-3-901 or 19-3-902, terminated covered service, and filed the appropriate written application.
     (2) (a) Except as provided in subsections (2)(b) and (2)(c), the retirement benefit may commence on the first day of the month following the member's last day of membership service or, if requested by the inactive member in writing, on the first day of a later month following receipt of the written application.
     (b) The retirement benefit for an eligible inactive member must commence no later than the first day of the month following the member's 60th birthday.
     (c) If an elected official's term of office expires before the 15th day of the month, the official may elect to retire on the first day of the last month of the official's term of office. An official electing this option may not earn membership service, service credit, or compensation for purposes of calculating final average salary under the retirement system in that month, and compensation earned in that month is not subject to employer or employee contributions.

     History: En. 68-2002 by Sec. 30, Ch. 323, L. 1973; amd. Sec. 11, Ch. 332, L. 1977; R.C.M. 1947, 68-2002; amd. Sec. 1, Ch. 53, L. 1983; amd. Sec. 2, Ch. 196, L. 1989; amd. Sec. 68, Ch. 265, L. 1993.