Until the first payment on account of any retirement allowance is made, a member or a retired person, except persons who are members under Section 8.565 of the Charter, may elect to receive the actuarial equivalent of their retirement allowance payable throughout their life with the provision that:
Option 1. If the member dies before receiving in lesser annuity payments the amount of their accumulated contributions as it was at their retirement, the balance of such accumulated contributions shall be paid to the member’s estate or to such person, or Special Needs Trust, as the member shall nominate by written designation duly executed and filed with the Retirement Board at the time of their election; or
Option 2. Upon the member’s death, their lesser retirement allowance shall be continued throughout the life of and paid to such person, or Special Needs Trust, as the member shall nominate by written designation duly executed and filed with the Retirement Board at the time of their election; or
Option 3. Upon the member’s death, one-half of their lesser retirement allowance shall be continued throughout the life of and paid to such person, or Special Needs Trust, as the member shall nominate by written designation duly executed and filed with the Retirement Board at the time of their election.
Said election of option shall be made by signing and filing with the Retirement Board a notarized election of option on a form provided by the Retirement Board; provided, however, that if a retired person shall die before the first payment on account of their retirement allowance is made, such election of option shall be considered void and of no effect and the member’s death shall be considered as that of a member before retirement, unless:
(a) Such retired person has elected Option 2 or 3; or
(Amended by Ord. 296-83, App. 5/27/83; Ord. 259-22, File No. 221024, App. 12/22/2022, Eff. 1/22/2023)