Section 13-578. Regular interest and mortality tables for participants in variable annuity program

a. Subject to the provisions of subdivision  b  of this section, for the purpose of determining the actuarial equivalent
  of a benefit payable under the variable annuity program to a contributor
  or  his or her beneficiary, (i) the mortality table applied shall be the
  table applicable to  the  determination  of  the  contributor's  annuity
  pursuant to paragraph one of subdivison f of section 13-547 or paragraph
  one  of  subdivision  d of section 13-549, or subdivision two of section
  13-554 or subdivision one of section 13-557, or to the determination  of
  the  beneficiary's  annuity pursuant to subdivision c of section 13-543,
  respectively,  and  (ii)  the  rate  of  interest  applied,   definition
  twenty-two  of  section 13-501 of this chapter notwithstanding, shall be
  the uniform rate of four percent.
    b. The retirement board  may  by  resolution  direct  that  where  any
  variable  annuity program benefit (as defined in subdivision fifty-eight
  of section 13-501 of the code) which is an actuarial equivalent  benefit
  (as  defined  in  subdivision  fifty  of such section) is payable to any
  member or other beneficiary by reason of:
    (1) the retirement of a member for service or  superannuation  or  for
  ordinary  or  accident  disability, where such retirement occurred on or
  after August first, nineteen hundred eighty-three or  hereafter  occurs;
  or
    (2)  discontinuance  of  service  or  termination  of  employment of a
  member, where such discontinuance or termination occurred or  occurs  on
  or  after  such  August  first under such circumstances that such member
  became or becomes (i) a discontinued member possessing a vested right to
  receive a retirement allowance pursuant to section 13-556  of  the  code
  (and,  in the case of a Tier II member, article eleven of the retirement
  and social security law) or (ii) a Tier III member entitled to a  vested
  benefit or a Tier IV member entitled to a vested benefit; or
    (3)  the  death, on or after such August first, of a member, different
  computations, based on different mortality  tables,  shall  be  used  to
  determine separate portions of such benefit.
 
    * NB Amended Ch. 910/85 § 17, language juxtaposed per Ch. 907/85 § 14