(a)Election of postretirement joint survivorship pension. In lieu of a benefit under subsections (a) to (c), inclusive, of Section 45-37-123.100, superannuation retirement benefit, early retirement benefit, or deferred retirement benefit, respectively, a member may elect to receive a postretirement joint survivorship pension.
(1)PERCENTAGE ELECTION. In the event that a member desires to elect pursuant to this subsection to receive a postretirement joint survivorship pension, he or she shall elect one of the following percentages, which election shall be the actuarial equivalent of the monthly
pension
benefit provided in subsections (a) to (c), inclusive, of Section 45-37-123.100, as applicable:
a. Reduced monthly benefit payable over the life of the member and the life of the member’s de
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(a) Election of postretirement joint survivorship pension. In lieu of a benefit under subsections (a) to (c), inclusive, of Section 45-37-123.100, superannuation retirement benefit, early retirement benefit, or deferred retirement benefit, respectively, a member may elect to receive a postretirement joint survivorship pension.
(1) PERCENTAGE ELECTION. In the event that a member desires to elect pursuant to this subsection to receive a postretirement joint survivorship pension, he or she shall elect one of the following percentages, which election shall be the actuarial equivalent of the monthly
pension
benefit provided in subsections (a) to (c), inclusive, of Section 45-37-123.100, as applicable:
a. Reduced monthly benefit payable over the life of the member and the life of the member’s designated beneficiary, 50 percent postretirement joint survivorship pension.
b. Reduced monthly benefit payable over the life of the member and the life of the member’s designated beneficiary, 66 and two-thirds percent postretirement joint survivorship pension.
c. Reduced monthly benefit payable over the life of the member and the life of the member’s designated beneficiary, 75 percent postretirement joint survivorship pension.
d. Reduced monthly benefit payable over the life of the member and the life of the member’s designated beneficiary, 100 percent postretirement joint survivorship pension.
(2) FORM OF POSTRETIREMENT JOINT SURVIVORSHIP PENSION. In addition to electing a percentage under subdivision (1), a member who desires to elect to receive a postretirement joint survivorship pension shall elect one of the following two forms:
a. Pop-up Form. Under the pop-up form, if the member’s
designated
beneficiary predeceases the retired member, then in the month following the
designated
beneficiary’s death, the member’s monthly pension benefit shall pop-up to the amount that would have been payable to the member under subsections (a) to (c), inclusive, of Section 45-37-123.100, as applicable, as if the member had never elected a postretirement joint survivorship pension; the cost of a pop-up form is more than the cost of the regular form described in paragraph b.
b. Regular Form. Under the regular form, if the member’s
designated
beneficiary predeceases the retired member, then the member shall continue to receive the same amount that he or she was receiving prior to the
designated
beneficiary’s death. The amount of the benefit payment shall not change.
(b) Timing of election. Except as provided in the immediately following sentence, in the event that a member desires to elect a postretirement joint survivorship pension, he or she shall do so in writing, on a form provided by the pension board, no later than the member’s last day of employment. In the event that a member previously elected a deferred retirement benefit and desires to elect a postretirement joint survivorship pension, he or she shall do so in writing, on a form provided by the pension board, no later than the day before the member’s sixtieth birthday.
(c) Timing of payments. Payment to the member commences on the day after the member terminates employment and shall continue to be paid each month thereafter until the member’s death. If the member’s
designated
beneficiary survives after the death of the member, the postretirement joint survivorship pension payments shall be made monthly to the
designated
beneficiary, beginning on the first day of the month following the member’s death,
provided
that the pension board is notified of the death in a timely manner
and the designated beneficiary has completed all forms required by the pension board
. Payments shall terminate with the first monthly payment preceding the second to die of the member and the
designated
beneficiary. In the event that a refund is to be paid pursuant to Section 45-37-123.104(4)c., the payment shall be made as soon as administratively feasible following the member’s/
designated
beneficiary’s deaths.
(d) Cost of postretirement joint survivorship pension. To the extent that a member elects payment of a postretirement joint survivorship pension for his or her
designated
beneficiary, the benefit otherwise payable to the member shall be actuarially reduced to reflect the election of a
postretirement
joint survivorship pension.
(e) Changes in election. At any time before termination of employment, the member may cancel his or her election to have payment in such form by completing a form provided by the pension board. Except as otherwise stated herein, the member’s election of a postretirement joint survivorship pension shall be irrevocable once the member terminates employment.
(1) DEATH. a. Death of Member Prior to Actual Retirement. In the event that a member dies prior to his or her actual retirement, any postretirement joint survivorship pension election he or she made shall be deemed void.
b. Death of
Designated
Beneficiary Before Payments Commence. In the event that a member elects a postretirement joint survivorship pension and his or her
designated
beneficiary dies before payments commence, then upon the
designated
beneficiary’s death, the member’s election of the postretirement joint survivorship pension shall be automatically canceled, and the member’s right to receive payments in accordance with subsections (a) to (c), inclusive, of Section 45-37-123.100, as applicable, shall be reinstated.
c. Death of Both Member and
Designated
Beneficiary-Refund. Except as provided in the immediately following sentence, in the event that a payment begins to the member, no refund of employee contributions shall be paid thereafter. Notwithstanding the foregoing sentence, in the event that the member and his or her
designated
beneficiary die, a refund shall be made in accordance with Section 45-37-123.104(4)c.
(2) DIVORCE. In the event that a married member names his or her spouse as
designated
beneficiary, a subsequent divorce of the member and the
designated
beneficiary shall not cancel an election of a postretirement joint survivorship pension. However, in the event that a member or
designated
beneficiary presents to the pension board what the pension board believes to be a valid divorce decree, settlement agreement, or domestic relations order, collectively, a DRO, that provides for a waiver or forfeiture of the postretirement joint survivorship pension, then the waiver or forfeiture shall be recognized by the pension board, and, accordingly, the postretirement joint survivorship pension shall be deemed void, and the member’s monthly pension benefit shall thereafter pop-up to the amount that would have been payable to the member under subsections (a) to (c) of Section 45-37-123.100, as applicable, as if the member had never elected a postretirement joint survivorship pension. The pop-up shall occur in the month following the pension board’s receipt and approval of the DRO. The member shall not be allowed to elect another joint survivorship pension. See also Section 45-37-123.194(a) for additional rules relating to certain DROs.
(f)
Designated beneficiary
designation. Any beneficiary designation made by a member for a preretirement joint survivorship pension shall automatically lapse upon the member’s retirement or other termination of employment, and the member shall complete new forms, to be provided by the pension board, to designate a beneficiary of any postretirement joint survivorship pension, in accordance with
this section
.
(g) Proof of death and marriage. The pension board may require proper proof of death or marriage in accordance with Section 45-37-123.103(f).