2 AAC 37.025. Benefit adjustments

(a) A benefit overpayment to a benefit recipient of the judicial retirement system must be recovered by applying a lifetime actuarial reduction to the benefit recipient's future monthly benefits, unless the benefit recipient elects to pay the overpayment in a lump sum.

(b) A benefit underpayment must be paid to the recipient

(1) by applying a lifetime actuarial increase to the recipient's future monthly benefits if the underpayment exceeds $3,500, unless the recipient elects to receive a lump sum payment; or

(2) by lump sum if the underpayment is $3,500 or less.

(c) The division will notify the recipient by certified mail of the overpayment or underpayment amount. The recipient must irrevocably elect a payment option under (a) or (b)(1) of this section within 60 days after receipt of the division's notice. Failure of the recipient to notify the division of a payment option election and to pay the lump sum overpayment, if applicable, by either hand delivering or mailing written notification and payment, which must be received or postmarked within 60 days after the recipient's receipt of the division's notice, will result in a lifetime actuarial reduction or increase to the recipient's monthly benefit.

(d) The lifetime actuarial monthly benefit reduction or increase is calculated by multiplying the amount of the overpayment or underpayment, including interest if applicable, by the appropriate actuarial factor for the recipient's age at the time of the adjustment. The most advantageous table of factors adopted during the member's judicial retirement system employment will be used to calculate the actuarial reduction or increase to the recipient's future monthly benefits.

History: Eff. 12/28/86; am 5/11/88, Register 108

Authority: AS 22.25.025

AS 22.25.027

Editor's note: 2 AAC 37.025 was not published in the AAC before Register 108.

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