Section 6-26-13 - Computation of age to determine the actuarial equivalence of the maximum allowance(a) The member's age nearest a full year shall be used to determine the actuarial factors to be applied in determining the actuarial factors to be applied in determining the actuarial equivalence of the maximum allowance under any of the retirement allowance options described in sections 88-83, 88-283, and 88333, HRS. In computing the nearest full year of age of a member, any fraction of six full months or more shall be considered as the next older year of age. Example A:
Date of retirement | 2027 - 7 - 1 |
Date of birth | 1965 - 12 - 31 |
Actual age | 61 - 6 - 0 |
Nearest age | 62 |
Example B:
Date of retirement | 2027 - 6 - 1 |
Date of birth | 1965 - 12 - 12 |
Actual age | 61 - 5 - 19 |
Nearest age | 61 |
(b) The method of computing age prescribed in this section shall apply to a beneficiary when the age of the beneficiary is a factor in the computation of any benefit payable to the member and the beneficiary. [Eff 2/9/89; am and comp] (Auth: HRS § 88-28) (Imp: HRS §§ 88-83, 88-283, 88-333)