(a) A member who is eligible for normal or postponed retirement may elect in accordance with division (c) of this section to have his or her benefits paid to him or her in any one of the following forms:
(1) Benefit payable for life of member only. The normal retirement benefit payable as set forth in Section 284.10(c);
(2) Joint and 50% survivor. A reduced retirement benefit which shall be the equivalent actuarial value of the benefit provided in accordance with Section 284.10(c), with the provision that, if the member dies leaving a spouse to whom he or she was legally married on the annuity starting date, a survivor annuity equal to 50% of the annuity payable during the joint lives of the member and his or her spouse shall be paid during the life of, and to, such surviving spouse;
(3) Joint and sixty-six and two-thirds percent survivor. A reduced retirement benefit, which shall be the equivalent actuarial value of the benefit provided in accordance with Section 284.10(c), with the provision that, if the member dies leaving the spouse to whom he or she was legally married on the annuity starting date, a survivor annuity equal to sixty-six and two-thirds percent of the annuity payable during the joint lives of the member and his or her spouse shall be paid during the life of, and to, such surviving spouse;
(4) Joint and 100% survivor. A reduced retirement benefit, which shall be the equivalent actuarial value of the benefit provided in accordance with Section 284.10(c), with the provision that, if the member dies leaving a spouse to whom he or she was legally married on the annuity starting date, a survivor annuity equal to 100% of the annuity payable during the joint lives of the member and his or her spouse shall be paid during the life of, and to, such surviving spouse; or
(5) Ten-year certain. In lieu of the normal retirement benefit payable as set forth in Section 284.10(c), a retiring member may elect to receive his or her pension as a monthly life income, ten years certain, which shall be the equivalent actuarial value of such normal retirement benefit and shall be payable during the life of the member, with the first 120 months payment guaranteed; provided that if the death of the member occurs prior to his or her receipt of 120 monthly payments, the balance of such monthly payments shall be continued to his or her beneficiary, until a total of 120 monthly payments in all has been paid to the member and his or her beneficiary.
(b) If a member elects a joint and survivor form of benefit and the member's spouse dies prior to the annuity starting date, the election of the joint and survivor benefit shall be automatically revoked and the member shall elect another form of benefit.
(c) The election period during which the member may elect the form of benefit shall be a period of ninety calendar days before the annuity starting date.
If a member makes a request for additional information before the end of such election period, the election period shall be extended to include at least ninety days following the day the additional information is delivered or mailed to the member.
If the election period is extended beyond the annuity starting date, commencement of benefits shall be delayed until the end of such election period. In such case, payment of benefits retroactive to the annuity starting date shall begin within sixty days after the end of such election period.
(d) The benefit selected according to this section will be the equivalent actuarial value of the benefit provided in Section 284.10(c)
(Ord. 826. Passed 10-9-84.)