§1524. Optional benefit payments
A. Upon applying for regular or disability retirement benefits and prior to receiving
any such benefits, an applicant may elect to receive benefits payable throughout his life or
until cessation of total and permanent disability, as the case may be, or the applicant may
elect to receive the actuarial equivalent of such benefits in a reduced amount payable
throughout his life, or until cessation of total and permanent disability, as the case may be,
with the provision that:
(1)Option No. 1. If the retiree dies before the retiree has received, in annuity
payments purchased by his contributions, the amount of his contributions accumulated at the
time of his retirement, the balance thereof shall be paid to any person that the retiree shall
have nominated by wr
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§1524. Optional benefit payments
A. Upon applying for regular or disability retirement benefits and prior to receiving
any such benefits, an applicant may elect to receive benefits payable throughout his life or
until cessation of total and permanent disability, as the case may be, or the applicant may
elect to receive the actuarial equivalent of such benefits in a reduced amount payable
throughout his life, or until cessation of total and permanent disability, as the case may be,
with the provision that:
(1) Option No. 1. If the retiree dies before the retiree has received, in annuity
payments purchased by his contributions, the amount of his contributions accumulated at the
time of his retirement, the balance thereof shall be paid to any person that the retiree shall
have nominated by written designation, duly acknowledged and filed with the board of
trustees, or, if none, to his estate; or
(2) Option No. 2. Upon his death, the retiree's reduced retirement allowance shall
be continued throughout the life of and be paid to any person he shall have nominated by
written designation, duly acknowledged and filed with the board at the time of his retirement;
or
(3) Option No. 3. Upon his death, one-half of the retiree's reduced retirement
allowance shall be continued throughout the life of and be paid to any person he shall have
nominated by written designation, duly acknowledged and filed with the board at the time
of his retirement; or
(4) Option No. 4. Other benefit or benefits shall be paid either to the retiree or to the
person he shall have nominated, provided such other benefit or benefits, together with the
reduced retirement allowance, shall be certified by the actuary to be of equivalent actuarial
value to the retirement allowance and shall be approved by the board.
(5) Option No. 5. The retiree may elect to receive ninety percent of his maximum
retirement and upon death, if he is survived by a spouse to whom he was married at the time
of his retirement, fifty percent thereof shall be paid to the surviving spouse during his or her
lifetime.
B. No change in the option elected or the selection of the option beneficiary shall be
permitted after the retiree has received his initial monthly benefit payment unless the retiree
is subsequently elected clerk of court or unless, in the case of a disability retirement, the
disability ceases and the disability retiree returns to service prior to attaining the age of
fifty-five years. If a retiree who has elected an option dies after receiving his initial monthly
benefit payment, the benefits payable under the option selected shall constitute the limit of
benefits payable from the fund, and shall be in lieu of all other benefits which might
otherwise have been due the retiree, his surviving spouse, children, parents, or any other
persons whomsoever, except as otherwise provided in the event the sum total of benefits paid
to the retiree or for his account are less than his accumulated employee contributions to the
fund.
C.(1) A retiree who has been married for one year or more shall elect Option 2, 3,
4, or 5 of Subsection A of this Section. If the retiree chooses Option 2 or 3, he shall
nominate his surviving spouse as the joint annuitant with the retiree. If the retiree chooses
Option 4, he shall select a benefit ensuring that, upon his death, no less than fifty percent of
the benefit shall be payable to his surviving spouse during the spouse's lifetime.
(2) If a retiree's spouse has executed a qualified waiver of the joint and survivor
annuity requirements in accordance with 26 U.S.C. 417, Paragraph (1) of this Subsection is
not applicable to the retiree.