(A) The retirement value, at the election of the member or inactive member made at least 60 days prior to his or her retirement date shall be:
(1) Applied to purchase a monthly annuity on the plan elected by the member or the inactive member; or
(2) Paid to the member in a lump sum.
(B) The annuity options shall be based on the alternative agreed upon between the employer and the company, or any other plan requested by the member or inactive member and approved by the company. In the event that no such election of plan with respect to an annuity is made, the annuity will be on the life annuity plan. The minimum single annuity payment shall be $15. If annuity payments payable hereunder shall be less than $15 a month, the company shall pay to the member in one sum an amount equal to the member’s account.
(Ord. 3148, passed - -1990)