A member or former member may make an irrevocable election at the time of retirement, in writing, to provide for a continuance of his or her retirement allowance to one designated beneficiary. The retiree shall take an actuarial reduction of his or her retirement allowance to pay for the continuance to a designated beneficiary. The retiree shall specify any whole percentage not to exceed one hundred percent (100%) as the portion of the retirement allowance to be paid as an allowance to the beneficiary, subject to any limits imposed by federal law. The allowance payable to the beneficiary shall commence the day following the retired member’s date of death and shall terminate upon the death of the beneficiary.
The beneficiary’s continuance shall be subject to all cost of living and discretionary increases.
A beneficiary under this section shall not be entitled to any disability retirement allowance, any basic death benefit, any special death benefit, any monthly allowance for survivors of a member or retired person, any insurance benefit or subsidy, or retired member lump-sum death benefit.
The Board shall adopt rules to administer this continuance and shall formulate the benefits in such a way that no additional actuarial liability is incurred either by the System or by the City.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.