(a) Each member entitled to a normal, early or disability retirement benefit shall have the right at any time prior to the date on which the benefit begins to elect to have the benefit payable under any of the options hereinafter set forth in lieu of the amount and form of benefits provided above, and to revoke any such elections and make a new election at any time prior to the actual commencement of payment.
(b) The value of optional benefits shall be the actuarial equivalent of the value of benefits otherwise payable. The member shall make an election by written request to the Board, such request being retained in the Board’s files. The options available to the members of the fund are as follows:
(1) Life annuity. The member may elect to receive a benefit payable for the member’s life only.
(2) Contingent annuitant (joint and survivor option). The member may elect to receive a benefit during the joint lifetime of the member and a joint pensioner designated by the police officer, and following the death of either of them, 100%, 75%, 662/3% or 50% of such monthly benefit payable to the survivor for the lifetime of the survivor.
(3) Survivor annuity. The member may elect to receive a benefit during the member’s lifetime and then following the death of the member, a reduced amount to a beneficiary. At the time of retirement, the member may choose a survivor benefit of 100%, 75%, 662/3% or 50% of the member’s monthly benefit. This amount will be payable to the beneficiary of the lifetime of the beneficiary.
(c) The member upon electing any option of this section will designate the joint pensioner or beneficiary (or beneficiaries) to receive the benefit, if any, payable under the plan in the event of the member’s death, and will have the power to change such designation from time to time but any such change shall be deemed a new election and will be subject to approval by the Pension Board. Such designation will name a joint pensioner or one or more primary beneficiaries where applicable. If a member has elected an option with a joint pensioner or beneficiary and his or her retirement income benefits have commenced, he or she may thereafter change the designated joint pensioner or beneficiary up to twice in accordance with F.S. Section 185.341 without the approval of the Board of Trustees or the current joint annuitant or beneficiary. The retiree is not required to provide proof of the good health of the joint annuitant or beneficiary being removed, and the joint annuitant or beneficiary being removed need not be living. Any retired member who desires to change his or her joint annuitant or beneficiary shall file with the Board of Trustees a notarized notice of such change. Upon receipt of a completed change of joint annuitant form or such other notice, the Board of Trustees shall adjust the member’s monthly benefit by the application of actuarial tables and calculations developed to ensure that the benefit paid is the actuarial equivalent of the present value of the member’s current benefit and there is no impact to the Plan. The member shall also be responsible for the cost of the recalculation of the benefit by the actuary. The consent of a member’s joint pensioner or beneficiary to any such change shall not be required. Any subsequent requests for changes in beneficiary will require Board of Trustees’ approval and the joint pensioner being removed must be alive when the request for changes is made. The Board of Trustees may request such evidence of the good health of the joint pensioner that is being removed as it may require. In the event that no designated beneficiary survives the member, such benefits as are payable in the event of the death of the member subsequent to his or her retirement shall be paid as provided in Section 18-171.
(d) Retirement income payments shall be made under the option elected in accordance with the provisions of this section and shall be subject to the following limitations:
(1) If a member dies prior to his or her normal retirement date or early retirement date, no benefit will be payable under the option to any person, but the benefits, if any, will be determined under Section 18-169(d).
(2) If the designated beneficiary (or beneficiaries) or joint pensioner dies before the member’s retirement under the plan, the option elected will be canceled automatically and a retirement income of the normal form and amount will be payable to the member upon his or her retirement as if the election had not been made, unless a new election is made in accordance with the provisions of this section or a new beneficiary is designated by the member prior to his or her retirement.
(3) If both the member and the designated beneficiary (or beneficiaries) die before the full payment has been effected under any option providing for payments for a period certain and life thereafter, the Board of Trustees may, in its discretion, direct that the commuted value of the remaining payments be paid in a lump sum.
(4) If a member continues beyond his or her normal retirement date and dies prior to actual retirement and while an option made pursuant to the provisions of this section is in effect, monthly retirement income payments will be made, or a retirement benefit will be paid, under the option to a beneficiary (or beneficiaries) designated by the member in the amount or amounts computed as if the police officer had retired under the option on the date on which death occurred.
(5) A member may not make any change in retirement option after the date of cashing or depositing the first retirement check.
(Ord. No. 10-005, § 2, 2-2-10)