A. Any provisions of Section 2.124.820 of this chapter to the contrary notwithstanding, any member retired for service or disability may, once and irrevocably, elect to receive a reduced retirement allowance during such member's lifetime in order that the member's surviving spouse may receive a continuation allowance, provided that the member was married on the date of retirement, is married to a different spouse on the date of death, was married to such spouse for at least two years prior to the date of death and the surviving spouse would otherwise qualify for a continuation allowance. The surviving spouse's continuation allowance shall be one-half of the member's reduced retirement allowance.
B. A retired member may make only one election under this section. The election shall be made within sixty (60) days after the date the retired member remarries, or, in the case of a retired member who, on January 1, 1980, had been married to a different spouse than at the time of retirement for more than sixty (60) days, within thirty (30) days after the date this chapter becomes effective.
C. The reduction in the member's allowance shall be made by the retirement system manager and shall be calculated on an actuarial basis so that the reduction in the member's allowance is actuarial equivalent to one-half of the continuation allowance which the surviving spouse is to receive will be borne by the member in the form of the reduction in the member's allowance. The reduction in the member's allowance shall become effective on the date of election.
D. Any election by a retired member for a reduced retirement allowance under this section shall constitute a waiver of any continuation allowance or allowances which might otherwise have been due or available under Section 2.124.800 of this chapter.
E. The provisions of this section shall not apply to any member who has elected to receive an optional allowance under any of the provisions of Section 2.124.910 of this chapter. (Prior code § 34.05.545)