Each member entitled to a retirement benefit shall have the right at any time prior to his actual retirement to elect to have his retirement benefit payable under any one of the options hereinafter set forth in lieu of the retirement benefits otherwise provided herein, and to revoke any elections and make a new election at any time prior to actual retirement. The value of optional retirement benefits shall be actuarially equivalent to the value of benefits otherwise payable. The member shall make an election by written request to the Board of Pension Trustees. A member shall have the right to change his designated beneficiary in accordance with F.S. §§ 175.171 or 185.161.
   (A)   Option 1. Joint and last survivor option. A retiring member may elect to receive a decreased retirement benefit during his or her lifetime and have the decreased retirement benefit, or a designated fraction thereof, continued after his or her death to and during the lifetime of his or her designated beneficiary, subject to any restrictions applicable under federal law. A retired member may change his or her designated beneficiary or joint annuitant up to two times without the approval of the Board or the current designated beneficiary. The retiree member need not provide proof of the good health of the designated beneficiary being removed, and the designated beneficiary being removed need not be living. The election of Option 1 shall be null and void if the designated beneficiary dies before the member’s retirement; however, the member may designate another beneficiary. Additionally, if the beneficiary designated at the time of the member’s retirement dies before the retired member, the member may, one time only during his or her retirement, elect to receive the normal retirement benefit. Should a new joint annuitant or beneficiary be elected, or should the member elect the normal retirement benefit, the member’s retirement benefit shall be actuarially recalculated to ensure that the benefit paid is the actuarial equivalent of the present value of the member’s current benefit and that there is no impact to the system. In the event the beneficiary is other than the spouse, the present value of the payments to the retired member must initially be at least 50% of the total combined present value of payments to both the member and beneficiary.
   (B)   Option 2. Life Annuity. A retiring member may elect to receive an increased retirement benefit payable during the member’s lifetime. If, after retiring, the member should die before payments equal to the member’s accumulated contributions are made, then the balance shall be paid to his or her designated beneficiary.
   (C)   Option 3. Other. In lieu of the other optional forms enumerated in this section, retirement benefits may be paid in any form approved by the Board so long as actuarial equivalence with the benefits otherwise payable is maintained.
(‘58Code, § 11.50) (Ord.72-59, passed 8-15-72; Am. Ord. 73-37, passed 4-18-73; Am.Ord. 75-84, passed 9-16-75; Am. Ord. 85-23, passed 2-5-85; Am. Ord. 96-32, passed 1-30-96; Am. Ord. 2000-73, passed 9-12-00; Am. Ord. 2001-71, passed 7-10-01; Am. Ord. 2002-40, passed 3-12-02; Am. Ord. 2002-41, passed 3-12-02; Am. Ord. 2010-12, passed 11-24-09; Am. Ord. 2010-33, passed 6-22-10; Am. Ord. 2012-41, passed 4-24-12)