Any member, former member, or the survivor of a deceased member who is eligible for a retirement allowance under the provisions of this Article may, in lieu of the annuity payment calculated on the basis of the refund of unused contributions, elect to receive an annuity payable only during the life or lives of the persons covered by the option with no payment due upon the death of the last survivor on account of unused contributions. In all other respects, the provisions of Section 4.1062(b) with respect to the liability of the System under the option being equal to the liability of the System under the retiree’s unmodified retirement allowance shall be applicable.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.