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Session Laws, 1990 Session
Volume 436, Page 2565   View pdf image (33K)
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WILLIAM DONALD SCHAEFER, Governor Ch. 590

RETIRED MEMBER HAS NOMINATED BY WRITTEN DESIGNATION,
ACKNOWLEDGED AND FILED WITH THE BOARD OF TRUSTEES AT THE
TIME OF RETIREMENT.

(IV) OPTION 3. WHEN A MEMBER DIES, ONE HALF OF THE
RETIRED MEMBER'S REDUCED RETIREMENT ALLOWANCE SHALL BE
CONTINUED THROUGHOUT THE LIFE OF AND PAID TO THE PERSON THE
RETIRED MEMBER HAS NOMINATED BY WRITTEN DESIGNATION,
ACKNOWLEDGED AND FILED WITH THE BOARD OF TRUSTEES AT THE
TIME OF RETIREMENT.

(V) OPTION 4. 1. IF THE RETIRED MEMBER DIES BEFORE
THE RETIRED MEMBER HAS RECEIVED IN PAYMENTS THE VALUE OF
THE RETIRED MEMBER'S ACCUMULATED CONTRIBUTIONS AS IT WAS AT
THE TIME OF RETIREMENT THE BALANCE SHALL BE PAID TO THE
RETIRED MEMBER'S LEGAL REPRESENTATIVES OR TO THE PERSON THE
RETIRED MEMBER MOST RECENTLY NOMINATED BY WRITTEN
DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD OF
TRUSTEES.

2. SOME OTHER BENEFIT OR BENEFITS SHALL BE

PAID EITHER TO THE RETIRED MEMBER OR TO THE PERSON OR
PERSONS THE RETIRED MEMBER HAS NOMINATED, IF THE OTHER
BENEFIT OR BENEFITS TOGETHER WITH THE REDUCED RETIREMENT
ALLOWANCE:

A. ARE CERTIFIED BY THE ACTUARY TO BE OF

EQUIVALENT ACTUARIAL VALUE TO THE RETIRED MEMBER'S
RETIREMENT ALLOWANCE; AND

B. APPROVED BY THE BOARD OF TRUSTEES.

(VI) OPTION 5. UPON THE RETIRED MEMBER'S DEATH, THE
REDUCED RETIREMENT ALLOWANCE SHALL BE CONTINUED
THROUGHOUT THE LIFE OF AND PAID TO THE PERSON THE RETIRED
MEMBER NOMINATED BY WRITTEN DESIGNATION, DULY
ACKNOWLEDGED AND FILED WITH THE BOARD OF TRUSTEES AT THE
TIME OF THE RETIREMENT. HOWEVER, IF THE PERSON SO DESIGNATED
PREDECEASES THE RETIRED MEMBER, THEN FROM THE DATE OF DEATH
OF THAT DESIGNATED PERSON, THE RETIRED MEMBER SHALL RECEIVE
THE ALLOWANCE AS IF NO OPTIONAL FORM OF PAYMENT WAS ELECTED
AT THE TIME OF RETIREMENT.

(VII) OPTION 6. UPON THE RETIRED MEMBER'S DEATH,
ONE-HALF OF THE REDUCED ALLOWANCE SHALL BE CONTINUED
THROUGHOUT THE LIFE OF AND PAID TO THE PERSON THE RETIRED
MEMBER NOMINATED BY WRITTEN DESIGNATION, DULY
ACKNOWLEDGED AND FILED WITH THE BOARD OF TRUSTEES AT THE
TIME OF THE RETIREMENT. HOWEVER, IF THE PERSON SO DESIGNATED
PREDECEASES THE RETIRED MEMBER, THEN FROM THE DATE OF DEATH

- 2565 -


 

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Session Laws, 1990 Session
Volume 436, Page 2565   View pdf image (33K)
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