(1)The retirement compensation of a justice or judge who, at the time of retirement, so elects shall be converted into an optional retirement allowance which is the actuarial equivalent of such retirement compensation to which the justice or judge would otherwise be entitled under section 1-2001, Idaho Code, including the value of the spousal benefit provided by section 1-2009, Idaho Code, provided the spouse is the contingent annuitant. The optional retirement allowance may take one (1) of the forms listed below and shall be in lieu of all other retirement compensation and benefits under this chapter, except the death benefit provided by section 1-2010, Idaho Code.
(a)Option 1 provides a reduced retirement allowance payable during the lifetime of the retired justice or judge, and a cont
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(1) The retirement compensation of a justice or judge who, at the time of retirement, so elects shall be converted into an optional retirement allowance which is the actuarial equivalent of such retirement compensation to which the justice or judge would otherwise be entitled under section 1-2001, Idaho Code, including the value of the spousal benefit provided by section 1-2009, Idaho Code, provided the spouse is the contingent annuitant. The optional retirement allowance may take one (1) of the forms listed below and shall be in lieu of all other retirement compensation and benefits under this chapter, except the death benefit provided by section 1-2010, Idaho Code.
(a) Option 1 provides a reduced retirement allowance payable during the lifetime of the retired justice or judge, and a continuation thereafter of such reduced retirement allowance during the lifetime of the justice or judge’s named contingent annuitant.
(b) Option 2 provides a reduced retirement allowance payable during the lifetime of the retired justice or judge, and a continuation thereafter of one-half (1/2) of such reduced retirement allowance during the lifetime of the justice or judge’s named contingent annuitant.
(2) Should the named contingent annuitant under option 1 or option 2 predecease a justice or judge, upon notification to the retirement board, the justice or judge’s benefit on the first day of the month following the death of the contingent annuitant will thereafter become an allowance calculated pursuant to section 1-2001, Idaho Code.
(3) Application for any optional retirement allowance shall be in writing, duly executed and filed with the retirement board. Such application shall contain all information required by the retirement board, including such proofs of age as are deemed necessary by the retirement board.
(4) A retirement option elected at the time of retirement as provided for in this section may not be changed except by written notice to the retirement board no later than five (5) business days after the receipt of the first retirement allowance.
(5) Not later than one (1) year after the marriage of a retired justice or judge, the justice or judge may elect option 1 or 2 to become effective one (1) year after the date of such election, provided the justice or judge’s spouse is named as a contingent annuitant, and either:
(a) The justice or judge was not married at the time of retirement; or
(b) The justice or judge earlier elected option 1 or 2, having named the justice or judge’s spouse as contingent annuitant, and said spouse has died.
(6) Each justice or judge receiving retirement compensation on July 1, 2000, shall have a one-time irrevocable election to name a spouse as a contingent annuitant under subsection (1)(a) of this section.