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I
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RESOLUTION
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(ii) file the form with the Board of Trustees before the first allowance
payment normally becomes due.
(2) If the member is married at the time of retirement, a member may only elect to
receive an optional form of allowance and designate a beneficiary other then the member's
spouse if the member's spouse knowingly and in writing waives the right to receive the
survivor's allowance under § 11 of this Item 3A on a form provided by the State Retirement
Agency.
(3) A member who has elected an optional form of allowance may change the
election only if the member notifies the Board of Trustees before the first allowance payment
normally becomes due.
(4) If a member dies before the effective date of retirement, the Board of Trustees
shall pay the benefits payable on the member's behalf as if the member had not elected an
optional form of allowance.
(c) Actuarial equivalent. Each optional form of allowance shall be the actuarial
equivalent of the allowance otherwise payable under this Item 3 A.
(d) Designated beneficiary. (1) Subject to paragraph (2) of this subsection, for an
optional form of allowance providing for payment to a designated beneficiary for life, the
designated beneficiary must be an individual.
(2) If the designated beneficiary is a minor or an individual with a disability, the
allowance may be paid into a trust for the benefit of the individual.
(3) A member who elects to receive a reduced optional allowance under this
section, may designate an individual other than the member's child as the member's designated
beneficiary.
(e) Restriction on designated beneficiary. (1) This subsection applies to a member who
selects an optional form of allowance as provided in subsections (f)(2) or (f)(5) of this section.
(2) If a member designates a beneficiary other than the member's spouse or
disabled child as defined under § 72(m)(7) of the Internal Revenue Code, a member may not
designate a beneficiary who is more than 10 years younger than the member.
(f) Options. (1) Under Option 1, if a retiree dies before receiving payments equal to the
actuarial equivalent present value of the retiree's basic allowance computed at the time of
retirement, the Board of Trustees shall pay the balance as a single payment:
(i) to the designated beneficiary; or
(ii) if there is no designated beneficiary, to the retiree's estate.
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4967
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