Wyoming § 15-5-413 Optional forms of benefits

Wyoming Statutes

§ 15-5-413 — Optional forms of benefits

Wyoming·Title 15 Cities and Towns·Ch. 5 FIRE AND POLICE DEPARTMENTS·Art. 4 FIREMEN'S PENSION ACCOUNT REFORM ACT OF 1981

(a)Any member eligible for a service or disability pension may elect to receive one (1) of the following optional forms, in lieu of the pension computed in W.S. 15-5-409 through 15-5-411, which shall be the actuarial equivalent of the benefit to which he would otherwise be entitled:

(i)A reduced pension payable to the retired member and upon his death all of the reduced pension to be paid to his surviving spouse;

(ii)A reduced pension payable to the retired member and upon his death one-half (1/2) of the reduced pension to be paid to his surviving spouse;

(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

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(a) Any member eligible for a service or disability
pension may elect to receive one (1) of the following optional
forms, in lieu of the pension computed in W.S. 15-5-409 through
15-5-411, which shall be the actuarial equivalent of the benefit
to which he would otherwise be entitled:
(i) A reduced pension payable to the retired member
and upon his death all of the reduced pension to be paid to his
surviving spouse;
(ii) A reduced pension payable to the retired member
and upon his death one-half (1/2) of the reduced pension to be
paid to his surviving spouse;
(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 board prior to the first benefit payment.
After an election of any of the options provided in subsection
(a) of this section has been made and the member has cashed his
first pension check, or sixty (60) days from the date of
issuance of the check have elapsed, the election is irrevocable
unless a beneficiary dies prior to the occurrence of either such
event, in which case the election is void and the member may, by
written notice to the board, designate a new beneficiary and may
select a different option. As provided in paragraph (a)(iii) of
this section, upon written notice to the board, a member may
change a beneficiary at any time within the ten (10) year
period.
(c) The retirement benefits payable under optional forms
available under this section shall be the actuarial equivalent
of the normal benefit form under W.S. 15-5-409.