Each member up to the time of actual retirement, who is entitled to a regular normal retirement benefit shall have the right at any time prior to his or her actual retirement to elect to have such benefit payable by any one of the options hereinafter set forth in lieu of the retirement benefits otherwise provided herein, and revoke any such elections and make a new election at any time prior to actual retirement. The value of optional retirement benefits shall be actuarially equivalent to the value of benefits otherwise payable. The member shall make such an election by written request to the Board and such an election shall be subject to the approval of the Board.
(A) Option 1: Joint and Last Survivor Option. A retiring member may elect to receive a decreased retirement benefit during his lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after his death to and during the lifetime of a person other than his spouse. The election of Option 1 shall be null and void if the designated contingent annuitant dies before the member's retirement. Only a person in the immediate family of the retiring member may be designated as a beneficiary under this option.
(B) Option 2: Other. In lieu of the other optional form enumerated in this section, retirement benefits may be paid in any form approved by the Board so long as actuarial equivalence, as certified by the Board's actuary, with the benefits otherwise payable is maintained, provided, however, no portion of the benefit shall be paid in a lump sum.
(Ord. O-91-82, passed 11-20-91; Am. Ord. O-2007-15, passed 6-20-07)