§ 45-21-30. Optional benefits on service retirement.
(a) A beneficiary, or, if the beneficiary is an incompetent, then his or her spouse or
domestic partner, or if he or she has no spouse or domestic partner, a guardian of
the beneficiary's estate, may elect to receive a benefit in a retirement allowance,
payable throughout life, or the beneficiary may then elect to receive the actuarial
equivalent, at that time, of the beneficiary's retirement allowance in a lesser retirement
allowance as determined by actuarial calculation, which shall be payable throughout
life with the provision that:
(1) Optio
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§ 45-21-30. Optional benefits on service retirement.
(a) A beneficiary, or, if the beneficiary is an incompetent, then his or her spouse or
domestic partner, or if he or she has no spouse or domestic partner, a guardian of
the beneficiary's estate, may elect to receive a benefit in a retirement allowance,
payable throughout life, or the beneficiary may then elect to receive the actuarial
equivalent, at that time, of the beneficiary's retirement allowance in a lesser retirement
allowance as determined by actuarial calculation, which shall be payable throughout
life with the provision that:
(1) Option 1. A reduced retirement allowance payable during the beneficiary's life, with the provisions
that after the beneficiary's death, it shall continue during the life of and be paid
to the person that the beneficiary has nominated by written designation duly acknowledged
and filed with the retirement board at the time of retirement; or
(2) Option 2. A reduced retirement allowance payable during the beneficiary's life, with the provision
that after the beneficiary's death an allowance equal to one-half (½) of the beneficiary's
reduced allowance shall continue during the life of and be paid to the person that
the beneficiary has nominated by written designation duly acknowledged and filed with
the board at the time of retirement.
(b) This section does not apply to any person who elects the social security supplemental
option related in § 45-21-17.2.
(c) This section is exempt from the provisions of §§ 45-13-6 — 45-13-10.
(d) If prior to July 1, 2012, a member elected an optional form of benefit other than
a life annuity in accordance with paragraph (a)(1) or (2) above, the member may elect
to change his or her form of benefit to a life annuity by filing an election with
the retirement board on or before June 30, 2013, provided that the member's beneficiary
is still alive at the time the election is filed.