| (a) If a contribution that would otherwise be credited
to the member's individual account in the system is deposited after
the member's effective retirement date for services performed before
the effective retirement date, the retirement annuity shall be recalculated
in accordance with this section.
(b) The following deposits shall be treated as additional
accumulated contributions for purposes of recalculating the retirement
annuity:
(1) employee contributions attributable to compensation
for services performed while a member of the system but deposited
within 2 months after the effective retirement date of the member;
and
(2) employee contributions attributable to compensation
for services performed while a member of the system but deposited
within 2 months after the death of a deceased member.
(c) A retirement annuity subject to this section will
be recalculated as of the effective retirement date by taking into
account the additional accumulated contributions and the related increases
in current service credit and matching credit. The recalculated retirement
annuity will be based on the age of the retiree (and the age of the
beneficiary in the case of a joint-and-survivor option) as of the
effective retirement date.
(d) The recalculated retirement annuity is payable
only prospectively beginning with the month following the month in
which the retirement system receives the deposit.
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