(a) Generally. Prior to the effective date of retirement, but not thereafter, a member may elect to receive his or her annuity as a straight life annuity, or he or she may elect to receive the actuarial equivalent, at that time, of his or her straight life annuity in a reduced annuity payable throughout his or her life and nominate a beneficiary in accordance with Option A or B.
(b) Option A. Joint and Survivor Annuity. Upon the death of a retirant, his or her reduced annuity shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Retirement Board prior to the effective date of his or her retirement.
(1979 Code Sec. 2.80.250)
(c) Option B. Modified Joint and Survivor Annuity. Upon the death of a retirant, one-half of his or her reduced annuity shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Board prior to the effective date of his or her retirement.
(d) Computation of Annuity.
(1) Effective July 1, 1979, a member retiring on or after July 1, 1975, shall automatically receive an annuity computed as a straight life annuity, except as provided in paragraph (d)(2) hereof. Upon the death of the retirant, one-half of his or her annuity shall be continued throughout the life of and paid to his or her spouse. If there is no spouse or if the spouse dies and is survived by the deceased retirant's unmarried children under eighteen years of age or unmarried, disabled and unemployable children over age eighteen years of age, such unmarried children shall share in one-half of the deceased retirant's annuity.
(2) If a member retiring on or after July 1, 1975, is unmarried and without eligible children on the effective date of retirement, he or she may elect to receive the actuarial equivalent of his or her straight life annuity in a reduced annuity payable throughout his or her life and nominate a beneficiary in accordance with Option A or B as herein set forth.
(Res. 82-169. Passed 2-22-82.)