§ 154-419. Payment in installments.

Any payments due to the pension fund created by this division and the terms of this section of this division, may be paid in equal monthly installments not to exceed 60. Such installments shall bear interest at a rate equal to the average return on pension fund investments for the fiscal year preceding the date in which the election to pay in installments is made. Such average rate of return shall be determined annually by the board of trustees of the pension board created hereby. The amounts shall be deducted from any compensation due the participant or from pension payments. The board of trustees shall require an assignment of a life insurance policy in an amount at least equal to the amount due to the pension fund.

(Code 1983, § 24-4-19)