§ 24-51-1718 — Option B

(1) Option B is an installment refund annuity, which is
defined as a smaller sum of money than the amount that would be payable under
option A but that is the actuarial equivalent thereof, as provided in this retirement
plan, payable monthly to an annuitant from the time of retirement until death, with
the additional provision that if said annuitant dies before receiving an amount equal
to the total reserve credited to said annuitant, said payments shall be continued to
beneficiaries designated by said annuitant until the total amount of the payments
made to such annuitant and to beneficiaries of said annuitant is equal to the total
amount of reserve allocated to the payment of said annuitant's retirement
allowance.

(2) If a deceased member's estate is the beneficiary, payment in one sum of
the commuted value of the retirement allowance shall be made to the member's
estate. The rate of interest used in determining the commuted value shall be the
actuarial investment assumption rate of the association on the date of death of the
member.

(3) In the event of the death of a retired deceased member's beneficiary who
is receiving monthly benefits under option B, a payment in one sum of the
commuted value of the remaining monthly payments shall be made to the estate of
the deceased beneficiary. The rate of interest used in determining the commuted
value shall be the actuarial investment assumption rate of the association on the
date of death of the beneficiary.

Legislative History

Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1370, � 56, effective January 1, 2010.