A retirant may elect this option in combination with Option A or B. Under this option, a reduced retirement allowance is payable during the joint lifetime of the retirant and his/her beneficiary nominated under Option A or B. Upon the death of the retirant, the beneficiary will receive a retirement allowance for life equal to the percentage specified by Option A or B of the reduced retirement income payable during the joint lifetime of the retirant and his or her beneficiary. Upon the death of the beneficiary, the retirant will receive a retirement allowance for his or her remaining lifetime equal to 100% of the straight life allowance for which the retirant was eligible at his or her retirement. The reduced retirement allowance payable during the joint lifetime of the retirant and his or her beneficiary, together with the retirement allowance payable to one upon the death of the other, will be computed at retirement as the actuarial equivalent of the retirement allowance provided by §32.13 as a straight life benefit.
(A) Option A - 100% survivor pension. Under Option A, a retirant shall be paid a reduced pension for life with the provision that upon the retirant's death the reduced pension shall be continued throughout the future lifetime of and paid to such person, having an insurable interest in the retirant's life, as the retirant shall have nominated by written designation duly executed and filed with the Board of Trustees at the time of election of the optional form of payment.
(B) Option B - 50% survivor pension. Under Option B a retirant shall be paid a reduced pension for life with the provision that upon the retirant's death 1/2 of the reduced pension shall be continued throughout the future lifetime of and paid to such person, having an insurable interest in the retirant's life, as the retirant shall have nominated by written designation duly executed and filed with the Board of Trustees at the time of election of the optional form of payment.
(C) Option C - Social security coordinated pension. Under Option C a retirant shall be paid an increased pension to attainment of unreduced social security normal retirement age and a reduced pension thereafter. The increased pension paid to attainment of unreduced social security normal retirement age shall approximate the sum of the reduced pension payable thereafter and the retirant's estimated social security primary insurance amount.
(Ord. passed 11-20-1980; Am. Ord. 96-11, passed 12-19-1996; Am. Ord. 98-7, passed 8-20-1998; Am. Ord. 09-01, passed 2-5-2009)