§ 703. Level income option.

A Participant who begins to receive a life annuity or joint and survivor annuity before the Participant's receipt of a Social Security Old Age Insurance Benefit at sixty-two (62) years of age or sixty-five (65) years of age may elect to have his retirement income adjusted to an Actuarial Equivalent so that the Participant will receive an increased monthly amount prior to sixty-two (62) years of age or sixty-five (65) years of age and a reduced monthly amount thereafter. This adjustment shall enable the Participant to receive, pursuant to both the Plan and the Social Security Act, total monthly retirement income benefits in approximately level amounts for life. The adjustment shall be made according to tables prepared by the Actuary and approved by the Board of Trustees.