§47-2-308.1.

§47-2-308.1.
   
   Any member retiring under the provisions of the System shall have the
   opportunity to elect to defer the commencement of retirement benefits
   by one-year periods by an election in writing submitted to the Board
   not later than thirty (30) days prior to the member's normal
   retirement date or the member's actual retirement date, whichever is
   later. Such elections may be made successively but may not be deferred
   later than age sixty-five (65). Retirement benefits payable to members
   electing to defer the commencement of payments shall be increased by
   five percent (5%) of the amount that would otherwise be paid for each
   year payments are deferred.