(a)Subject to uniform rules and regulations the board
prescribes, a member may instead of the service retirement
benefits provided in this article, elect one (1) of the
following forms of retirement benefits which shall be the
actuarial equivalent of the benefit to which he would otherwise
be entitled:
(i)A one hundred percent (100%) joint and survivor
benefit which provides reduced monthly service retirement
benefit payments during the retired member's life and upon his
death after retirement continues payments in the same reduced
amount to a designated beneficiary during the life of the
beneficiary;
(ii)A fifty percent (50%) joint and survivor benefit
which provides reduced monthly service retirement benefit
payments during the retired member's life and upon his death
after retirement
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(a) Subject to uniform rules and regulations the board
prescribes, a member may instead of the service retirement
benefits provided in this article, elect one (1) of the
following forms of retirement benefits which shall be the
actuarial equivalent of the benefit to which he would otherwise
be entitled:
(i) A one hundred percent (100%) joint and survivor
benefit which provides reduced monthly service retirement
benefit payments during the retired member's life and upon his
death after retirement continues payments in the same reduced
amount to a designated beneficiary during the life of the
beneficiary;
(ii) A fifty percent (50%) joint and survivor benefit
which provides reduced monthly service retirement benefit
payments during the retired member's life and upon his death
after retirement continues payments, in the amount of fifty
percent (50%) of the reduced amount, to the designated
beneficiary during the life of the beneficiary;
(iii) A benefit which provides reduced monthly
service retirement payments with provision for the continuance
of payments for ten (10) years certain and life thereafter. If
the retired member dies within ten (10) years after retirement,
the remaining guaranteed payments shall be made to his
designated beneficiary. This beneficiary may be changed at any
time by written notification to the board as provided in
subsection (b) of this section;
(iv) The largest possible benefit for life with no
lump sum refund or benefit for anyone else upon the retired
member's death;
(v) Any other modified monthly service retirement
benefit, including any other modified joint and survivor monthly
service retirement benefit, actuarially determined, which the
board approves.
(b) An election of an optional benefit shall be in writing
and filed with the system prior to the first benefit payment.
The election is final and not subject to change unless a
designated beneficiary dies prior to the first benefit payment,
in which case the election is void, the member may designate a
new beneficiary and may select a different option.
(c) The retirement benefits payable under optional forms
available under this section shall be the actuarial equivalent
amount of the normal benefit form under W.S. 9-3-415 and, if
applicable, 9-3-431 and 9-3-432.