(A) A member who satisfies an applicable age and credited service condition specified in division (B) may nominate a beneficiary. A member may revoke a nomination of beneficiary at any time and again nominate a beneficiary. The nomination of beneficiary shall be in writing and filed with the Board of Trustees. If no nomination is on file with the Board of Trustees, the member's spouse shall be assumed to be an automatic nomination. The nomination or automatic nomination of beneficiary shall be null and void upon the member's retirement or prior termination of city employment. Upon the death of a member who has a nomination of beneficiary in force, the beneficiary, if living, shall be paid a level straight level pension computed according to § 32.13 in the same manner in all respects as if the member had elected Option A provided in § 32.14 and retired the day preceding his or her death, notwithstanding that the member may not have satisfied the conditions for retirement.
(B) The age and credited service conditions for nomination of a beneficiary as provided in division (A) are as follows: benefit group general - 10 years of credited service without regard to age.
(C) In lieu of a monthly pension described in division (A), the beneficiary may elect to receive a lump sum payment equal to the larger of:
(1) The actuarial equivalent computed on the basis of the 1971 Group Annuity Mortality Table, setback no years for males and 5 years for females, and the interest rate published monthly by the Pension Benefit Guaranty Corporation for use in converting a series of monthly annuity payments into a lump sum value; or
(2) The deceased member's accumulated contributions. Upon receipt of such lump sum payment, the beneficiary shall have no further claims against the retirement system.
(Ord. passed 11-20-1980; Am. Ord. 09-01, passed 2-5-2009)