§ 33.77. OPTIONAL FORMS OF BENEFITS.

Each member entitled to a normal, early or disability retirement benefit shall have the right at any time prior to his actual retirement 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 elections and make a new election at any time prior to actual retirement. The value of optional benefits shall be actuarially equivalent to the value of benefits otherwise payable. The member shall make an election by written request to the Board of Trustees, this request being retained in the Board's files.

(A)

Option 1: Joint and Last Survivor Option. A retiring member may elect to receive an actuarially adjusted retirement benefit during his lifetime and have such retirement benefit (including seventy-five (75) percent, sixty-six and sixty-six one hundredths (66.66) percent or fifty (50) percent thereof) continued after his death to and during the lifetime of a designated joint annuitant. The election of Option 1 shall be null and void if the designated joint annuitant dies before the member's retirement, unless the member designates another joint annuitant in accordance with Subsection 33.75(C). In addition, the member may elect to add a "pop-up" feature to his joint and survivor option, then, upon the death of his joint annuitant, the amount of his monthly payment will be increased to the amount of a straight life annuity and such amount will be payable as of the first day of each month after the death of his joint annuitant for the remainder of his lifetime. A member electing to add the pop-up feature to his joint and survivor option will have his monthly benefit under this Option 1 actuarially reduced to take into account the addition of the pop-up feature.

(B)

Option 2: Ten Years Certain and Life Thereafter. A retiring member may elect to receive a retirement benefit with one hundred twenty (120) monthly payments guaranteed. If, after retiring, the member should die before the 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. Notwithstanding any other provision of the plan to the contrary, this option (Option 2) shall be the normal form of benefit for unmarried employees who retire from active service on or after December 31, 1999.

(C)

Option 3: Other. In lieu of the other optional forms enumerated in this Section, retirement 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. 17-16 , § 2, passed 10/4/16)