(a) (1) For general members not represented by recognized bargaining units and not employed by the Board of Hospital Managers, effective July 1, 1986, pension Option “B” joint and survivor pension as provided in § 35-26, may be selected as “pop-up” options.
(2) The “pop-up” options shall provide that when the named beneficiary dies prior to the retirant, the retirant’s pension shall then be increased to a straight life pension. Provided that if the actuary can provide the necessary tables, the pop-up shall also become effective in the event the named beneficiary is divorced from retirant. Provided, however, that the actuarial tables used in calculating the Options “B” and “C” with pop-up shall be such that there is no increased cost to the City or the retirement system.
(b) For general members not represented by recognized bargaining units and employed by the Board of Hospital Managers, and who are members of the “contributory” program, and who retire after the effective date of this section, pension Option “B” joint and survivor pension and Option “C” modified joint and survivor pension, as provided in § 35-26, may be selected as pop-up options. Provided, that if the actuary can provide the necessary tables, the pop-up shall also become effective in the event the named beneficiary is divorced from the retirant. Provided, however, the actuarial tables used in calculating the Options “B” and “C” with pop-up shall be such that there is no increased cost to the City or the retirement system.
(Ord. 3023, passed 12-17-1986)