A member may elect to receive, in lieu of the retirement allowance provided for in Sections
1.30.580 through
1.30.620, its actuarial equivalent in the form of a lesser retirement allowance, payable in accordance with the terms and conditions of one of the options set forth below in this section. Election of any option must be made by written application filed with the Board of Administration at least 30 days in advance of retirement as provided in Section
1.30.570 and shall be irrevocable.
Option A. The lesser retirement allowance shall be payable to the member throughout his or her life; provided, that if he or she dies before he or she receives in annuity payments referred to in subsection
A.1 of Section
1.30.580 and in Section
1.30.620, a total amount equal to the amounts of his or her accumulated contributions and his or her accumulated additional contributions combined as they were at the date of his or her retirement, the balances of these accumulated contributions and accumulated additional contributions shall be paid in one sum to his or her estate or to such person as he or she shall nominate by written designation duly executed and filed with the Board.
Option B. The lesser retirement allowance shall be payable to a member throughout his or her life; provided, that if he or she dies before he or she receives in annuity payments referred to in subsection
A.1 of Section
1.30.580 and in Section
1.30.620, a total amount equal to the amounts of his or her accumulated contributions and his or her accumulated additional contributions combined as they were at the date of his or her retirement, the annuity payments resulting from his or her accumulated contributions and accumulated additional contributions shall be continued and paid to his or her estate or to such person as he or she shall nominate by written designation duly executed and filed with the Board, until the total amount of annuity payments shall equal the total amounts of his or her accumulated contributions and accumulated additional contributions as they were at the date of his or her retirement.
Option C. The member shall elect a "guaranteed period" of any number of years. If he or she dies before the lesser retirement allowance has been paid to him or her for the number of years elected by him or her as the "guaranteed period," the lesser retirement allowance shall be continued to the end of the "guaranteed period," and during such continuation shall be paid to his or her estate or to such person as he or she shall nominate by written designation duly executed and filed with the Board.
Option D. The lesser retirement allowance shall be payable to the member throughout life, and after the death of the member one-half of the lesser retirement allowance shall be continued throughout the life of and paid to the wife or husband of the member, which wife or husband shall hold such relationship at the time of retirement. Provided, with respect to members retiring on or after January 1, 1999, in the event the wife or husband of the member predeceases the member, the benefit payable to the member effective as of the first day of the month following the death of the wife or the husband shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section upon his or her retirement; provided further, that effective January 1, 2006, in the event the wife or husband of a member electing hereunder, or who has previously elected hereunder, predeceases the member and the member thereafter remarries, said member shall have, within three months of remarriage, or until March 31, 2006, if already remarried, the option to irrevocably designate the member’s new spouse as the wife or husband of the member under this Option D, but said designation shall not become effective until the expiration of six months from the date of exercise of said election and shall be null and void if the member dies before it becomes effective. The retirement allowance payable to the member effective as of the first day of the month following the effectiveness of the designation of the new spouse shall be the lesser retirement allowance the member was receiving (or the increased allowance if the member retired on or after January 1, 1999, as the case may be), actuarially adjusted by the same factors as if the member were electing this Option D at the effective date. If the member exercises the option to designate a new spouse and the member’s new spouse predeceases the member, the benefit payable to the member effective as of the first day of the month following the death of the wife or the husband shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section. Provided further, that with respect to members retiring on or after January 1, 2008, in the event the member and husband or wife are divorced and Section
1.30.690C is satisfied, the benefit payable to the member effective as of the first day of the month following the entry of the Order shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section upon his or her retirement; provided further, that in the event the member is divorced hereunder and thereafter remarries, said member shall have, within three months of remarriage, the option to irrevocably designate the member’s new spouse as the wife or husband of the member under this Option D, subject to the same conditions as provided in this Option D for a member who remarries after the death of a husband or wife.
Option E. The lesser retirement allowance shall be payable to the member through life, and after death of the member it shall be continued throughout the life of and paid to the wife or husband of the member, which wife or husband shall hold such relationship at the time of retirement. Provided, with respect to members retiring on or after January 1, 1999, in the event the wife or husband of the member predeceases the member, the benefit payable to the member effective as of the first day of the month following the death of the wife or the husband shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section upon his or her retirement; provided further, that effective January 1, 2006, in the event the wife or husband of a member electing hereunder, or who has previously elected hereunder, predeceases the member and the member thereafter remarries, said member shall have, within three months of remarriage, or until March 31, 2006, if already remarried, the option to irrevocably designate the member’s new spouse as the wife or husband of the member under this Option E, but said designation shall not become effective until the expiration of six months from the date of exercise of said election and shall be null and void if the member dies before it becomes effective. The retirement allowance payable to the member effective as of the first day of the month following the effectiveness of the designation of the new spouse shall be the lesser retirement allowance the member was receiving (or the increased allowance if the member retired on or after January 1, 1999, as the case may be), actuarially adjusted by the same factors as if the member were electing this Option at the effective date. If the member exercises the option to designate a new spouse and the member’s new spouse predeceases the member, the benefit payable to the member effective as of the first day of the month following the death of the wife or the husband shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section. Provided further, that with respect to members retiring on or after January 1, 2008, in the event the member and husband or wife are divorced and Section
1.30.690C is satisfied, the benefit payable to the member effective as of the first day of the month following the entry of the Order shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section upon his or her retirement; provided further, that in the event the member is divorced hereunder and thereafter remarries, said member shall have, within three months of remarriage, the option to irrevocably designate the member’s new spouse as the wife or husband of the member under this Option E, subject to the same conditions as provided in this Option E for a member who remarries after the death of a husband or wife.
Option F. If a member at the time of his or her retirement has no wife or husband, then and in that event the lesser retirement allowance shall be payable to the member throughout his or her life; and, after the death of the member,
1. One-half of the lesser retirement allowance shall be continued throughout the life of and paid to the beneficiary designated by the member who is over the age of 18 years, or
2. The lesser retirement allowance shall be continued throughout the life of and paid to the beneficiary designated by the member who is over the age of 18 years.
Provided, with respect to members retiring on or after January 1, 1999, in the event the beneficiary of the member predeceases the member, the benefit payable to the member effective as of the first day of the month following the death of the beneficiary shall be increased to the retirement allowance provided for in Sections
1.30.580 through
1.30.620 as if the member had not elected an optional allowance under this section upon his or her retirement.
(Ord. 17014 § 4, 1962-03-20; Ord. 21244 § 13, 1977-12-27; Ord. 24507 § 7, 1989-12-12; Ord. 25955 § 34, 1996-09-24; Ord. 26350 § 1, 1999-01-12; Ord. 26573 § 1, 2000-02-22; Ord. 27433 § 2, 2005-11-29; Ord. 27647 § 1, Ex. A, 2007-09-25)