(A) Prior to the effective date of the member’s retirement, but not thereafter, a member may elect to receive his or her pension as a straight life pension payable throughout his or her life, or he or she may elect to receive the actuarial equivalent of his or her straight life pension in a reduced pension payable throughout his or her life, and nominate a beneficiary, in accordance with the provisions of Option A or B set forth below:
(1) Option A. Upon the death of a retiree who elected Option A, a reduced pension shall be continued throughout the life of and paid to such person, having an insurable interest in the member’s life, as the member shall have nominated by written designation duly executed and filed with the Board of Trustees prior to the date of his or her retirement; or
(2) Option B. Upon the death of a retiree who elected Option B, one-half of his or her reduced pension shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees prior to the date of his or her retirement.
(B) Effective January 15, 1992, a police patrol officer member’s initial election between duty disability pension or regular retirement pension shall be binding upon these members. However, in the case of a duty disability election, pending Pension Board determination, the member will be allowed a normal retirement until such determination is made by the Board.
(Prior Code, § 16.14) (Ord. D-678, passed 1-18-1965, effective 2-1-1965; Ord. D-1592, passed 6-19-1989, effective 6-29-1989; Ord. D-1737, passed 3-20-1995, effective 3-30-1995)