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Resolution
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(b) Election to receive reduced survivor allowance.
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(1) Instead of the survivor allowance payable to the designated beneficiary on
attaining age 60, the designated beneficiary may elect to receive a reduced survivor allowance
commencing at any time after the designated beneficiary attains age 50 if the designated beneficiary
completes and submits an application for a reduced survivor allowance stating the date on which the
designated beneficiary desires to receive the reduced survivor allowance.
(2) The reduced survivor allowance is an amount equal to one-half of the retirement
allowance that would be payable to the retiree if the retiree were living and eligible to receive a
retirement allowance, reduced by 0.5% for each month by which the designated beneficiary's age
precedes the date the designated beneficiary attains age 60.
(c) (1) If a retiree has designated more than one beneficiary and 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 to the
retiree's designated beneficiaries in equal shares.
(2) Benefits will not be paid under this subsection if the retiree has a surviving spouse
at the time of death.
12. Optional allowances.
(a) In general. Instead of the retirement allowance and survivor allowance provided under
this Item 3 A, at retirement, a member may elect another benefit in one of the optional forms set forth
in subsection (c) of this section.
(b) Option requirements.
(1) Each optional form of benefit shall be certified by the actuary for the Board of
Trustees to be of equivalent actuarial value to the allowance payable to the retiree and the retiree's
beneficiary.
(2) For an optional form of allowance providing for payment to a designated
beneficiary for life, the designated beneficiary must be an individual.
(c) Description of options.
(1) At retirement, the options that a member may elect include one of the optional
forms of benefits described in this subsection.
(2) Option A is a level payment plan. Under Option A, when the retiree dies, the
Board of Trustees shall pay the retiree's reduced allowance:
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6082
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