§ 2-67. Optional forms of benefit payments.

Each member entitled to a normal, early or vested retirement benefit shall have the right, at any time prior to the date on which benefit payments begin, to elect to have his benefit payable under any one of the options hereinafter set forth in lieu of the benefits otherwise provided herein, and to revoke any such elections and make a new election at any time prior to the actual beginning of payments. The value of optional benefits shall be actuarially equivalent to the value of benefits otherwise payable, and the present value of payments to the retiring member must be at least equal to fifty (50) percent of the total present value of payments to the retiring member and his beneficiary. The member shall make such an election by written request to the board, such request being retained in the board's files.

Option 1. Joint and last survivor option.

The member may elect to receive a benefit during his lifetime and have such benefit (or a designated fraction thereof) continued after his death to and during the lifetime of his spouse or a relative other than his spouse. The election of Option 1 shall be null and void if the designated beneficiary dies before the member's benefit payments commence.

Option 2. Ten years certain and life thereafter.

The member may elect to receive a benefit with one hundred twenty (120) monthly payments guaranteed. If, after payments commence, the member should die before said one hundred twenty (120) monthly payments are made, payments are then continued to his designated beneficiary until one hundred twenty (120) payments in all have been made, at which time benefits cease. After expiration of the one hundred twenty (120) monthly payments guaranteed, should the retired member be then alive, payments shall be continued during his remaining lifetime.

Option 3. Other.

In lieu of the other optional forms enumerated in this section, benefits may be paid in any form approved by the board so long as actuarial equivalence with the benefits otherwise payable is maintained.

(Ord. No. 77-121, § 7, 6-2-77; Ord. No. 83-112, § 1(7), 3-14-83)