(a) Any participant retiring on or after January 1, 1989, pursuant to the terms of Sections 45-8A-22.75, 45-8A-22.76, or 45-8A-22.77 shall, within 20 days of the effective date of the retirement for notification of the options available under this subpart, have the option of selecting a pension plan with or without death benefits from one of the following three optional plans:
(1) OPTION A - 50 percent joint and survivor plan.
(2) OPTION B - 100 percent joint and survivor plan.
(3) OPTION C - Life only benefit plan.
(b) A participant shall be entitled to elect from one of the three foregoing option plans in writing to the secretary of the retirement board on the form prescribed by the retirement board, which election shall be irrevocable. An election made pursuant to this section shall not be effective unless accompanied by a document executed by the spouse of the participant explaining the effect of the various options available to the participant and affirmatively consenting to the election made by the participant. In the event that a participant fails to elect a plan pursuant to this subpart, that participant shall automatically receive benefits provided under Option A as set forth.
(c) A participant having elected option A - 50 percent joint and survivor plan shall, during his or her lifetime, receive a monthly benefit from the plan in accordance with Section 45-8A-22.75, 45-8A-22.76, or 45-8A-22.77. In the event that the participant dies from any cause and leaves a surviving spouse, the retirement board shall direct the payment to the spouse of a monthly pension equal to 50 percent of the amount of the pension being paid to the retired participant at the time of his or her death. If the deceased retired participant leaves no surviving spouse, and if the deceased participant leaves a surviving child or children under the age of 18 years, the retirement board shall direct the payment to the legal guardian of the child or children who are then under the age of 18 years, a monthly pension equal to 25 percent of the amount that the deceased retired participant was receiving prior to his or her death for the use and benefit of the child or children.
(d) A participant having elected Option B - 100 percent joint and survivor plan shall receive a monthly benefit from the plan in an amount which shall be the actuarial equivalent monthly benefit which would have been due to the participant had the participant elected Option A of this section. The amount shall be paid to the participant during his or her lifetime and then upon his or her death to the spouse, without reduction, for the remainder of the lifetime of the spouse. If the spouse should die leaving a surviving child or children of the participant under the age of 18 years, then a benefit of 50 percent of the amount paid to the participant shall be paid to the legal guardian of the child or children who are then under the age of 18 years for the use and benefit of the child or children until the youngest child reaches the age of 18 years. As each child reaches the age of 18 years, the child shall cease to participate in the plan, thereby increasing the share, or shares of the child or children under the age of 18 years.
(e) A participant having elected Option C -- Life only benefit plan shall receive as a monthly benefit from the plan an amount which shall be the actuarial equivalent of the amount which would have been paid to the participant if the participant had elected Option A of this section. No death benefits shall be payable to any survivor or dependents of the member under this option and all benefits under this plan shall terminate upon the death of the participant.
(f) For the purposes of calculating the actuarial equivalent monthly benefit under the preceding subsections, the following assumptions shall apply:
(1) The 1971 Group annuity mortality table.
(2) Seven percent interest.
(g) Payments being made to a surviving child or children under the age of 18 years shall be paid equally. As each child reaches the age of 18 years, that child shall cease to receive benefits, thereby increasing the share or shares of the child or children under the age of 18 years, until the youngest child reaches age 18.
(Act 2002-298, p. 815, §23; Act 2002-304, p. 841, §23.)
(a) Any participant retiring on or after January 1, 1989, pursuant to the terms of Sections 45-8A-22.75, 45-8A-22.76, or 45-8A-22.77 shall, within 20 days of the effective date of the retirement for notification of the options available under this subpart, have the option of selecting a pension plan with or without death benefits from one of the following three optional plans:
(1) OPTION A - 50 percent joint and survivor plan.
(2) OPTION B - 100 percent joint and survivor plan.
(3) OPTION C - Life only benefit plan.
(b) A participant shall be entitled to elect from one of the three foregoing option plans in writing to the secretary of the retirement board on the form prescribed by the retirement board, which election shall be irrevocable. An election made pursuant to this section shall not be effective unless accompanied by a document executed by the spouse of the participant explaining the effect of the various options available to the participant and affirmatively consenting to the election made by the participant. In the event that a participant fails to elect a plan pursuant to this subpart, that participant shall automatically receive benefits provided under Option A as set forth.
(c) A participant having elected option A - 50 percent joint and survivor plan shall, during his or her lifetime, receive a monthly benefit from the plan in accordance with Section 45-8A-22.75, 45-8A-22.76, or 45-8A-22.77. In the event that the participant dies from any cause and leaves a surviving spouse, the retirement board shall direct the payment to the spouse of a monthly pension equal to 50 percent of the amount of the pension being paid to the retired participant at the time of his or her death. If the deceased retired participant leaves no surviving spouse, and if the deceased participant leaves a surviving child or children under the age of 18 years, the retirement board shall direct the payment to the legal guardian of the child or children who are then under the age of 18 years, a monthly pension equal to 25 percent of the amount that the deceased retired participant was receiving prior to his or her death for the use and benefit of the child or children.
(d) A participant having elected Option B - 100 percent joint and survivor plan shall receive a monthly benefit from the plan in an amount which shall be the actuarial equivalent monthly benefit which would have been due to the participant had the participant elected Option A of this section. The amount shall be paid to the participant during his or her lifetime and then upon his or her death to the spouse, without reduction, for the remainder of the lifetime of the spouse. If the spouse should die leaving a surviving child or children of the participant under the age of 18 years, then a benefit of 50 percent of the amount paid to the participant shall be paid to the legal guardian of the child or children who are then under the age of 18 years for the use and benefit of the child or children until the youngest child reaches the age of 18 years. As each child reaches the age of 18 years, the child shall cease to participate in the plan, thereby increasing the share, or shares of the child or children under the age of 18 years.
(e) A participant having elected Option C -- Life only benefit plan shall receive as a monthly benefit from the plan an amount which shall be the actuarial equivalent of the amount which would have been paid to the participant if the participant had elected Option A of this section. No death benefits shall be payable to any survivor or dependents of the member under this option and all benefits under this plan shall terminate upon the death of the participant.
(f) For the purposes of calculating the actuarial equivalent monthly benefit under the preceding subsections, the following assumptions shall apply:
(1) The 1971 Group annuity mortality table.
(2) Seven percent interest.
(g) Payments being made to a surviving child or children under the age of 18 years shall be paid equally. As each child reaches the age of 18 years, that child shall cease to receive benefits, thereby increasing the share or shares of the child or children under the age of 18 years, until the youngest child reaches age 18.
(Act 2002-298, p. 815, §23; Act 2002-304, p. 841, §23.)
(a) Any participant retiring on or after January 1, 1989, pursuant to the terms of Sections 45-8A-22.75, 45-8A-22.76, or 45-8A-22.77 shall, within 20 days of the effective date of the retirement for notification of the options available under this subpart, have the option of selecting a pension plan with or without death benefits from one of the following three optional plans:
(1) OPTION A - 50 percent joint and survivor plan.
(2) OPTION B - 100 percent joint and survivor plan.
(3) OPTION C - Life only benefit plan.
(b) A participant shall be entitled to elect from one of the three foregoing option plans in writing to the secretary of the retirement board on the form prescribed by the retirement board, which election shall be irrevocable. An election made pursuant to this section shall not be effective unless accompanied by a document executed by the spouse of the participant explaining the effect of the various options available to the participant and affirmatively consenting to the election made by the participant. In the event that a participant fails to elect a plan pursuant to this subpart, that participant shall automatically receive benefits provided under Option A as set forth.
(c) A participant having elected option A - 50 percent joint and survivor plan shall, during his or her lifetime, receive a monthly benefit from the plan in accordance with Section 45-8A-22.75, 45-8A-22.76, or 45-8A-22.77. In the event that the participant dies from any cause and leaves a surviving spouse, the retirement board shall direct the payment to the spouse of a monthly pension equal to 50 percent of the amount of the pension being paid to the retired participant at the time of his or her death. If the deceased retired participant leaves no surviving spouse, and if the deceased participant leaves a surviving child or children under the age of 18 years, the retirement board shall direct the payment to the legal guardian of the child or children who are then under the age of 18 years, a monthly pension equal to 25 percent of the amount that the deceased retired participant was receiving prior to his or her death for the use and benefit of the child or children.
(d) A participant having elected Option B - 100 percent joint and survivor plan shall receive a monthly benefit from the plan in an amount which shall be the actuarial equivalent monthly benefit which would have been due to the participant had the participant elected Option A of this section. The amount shall be paid to the participant during his or her lifetime and then upon his or her death to the spouse, without reduction, for the remainder of the lifetime of the spouse. If the spouse should die leaving a surviving child or children of the participant under the age of 18 years, then a benefit of 50 percent of the amount paid to the participant shall be paid to the legal guardian of the child or children who are then under the age of 18 years for the use and benefit of the child or children until the youngest child reaches the age of 18 years. As each child reaches the age of 18 years, the child shall cease to participate in the plan, thereby increasing the share, or shares of the child or children under the age of 18 years.
(e) A participant having elected Option C -- Life only benefit plan shall receive as a monthly benefit from the plan an amount which shall be the actuarial equivalent of the amount which would have been paid to the participant if the participant had elected Option A of this section. No death benefits shall be payable to any survivor or dependents of the member under this option and all benefits under this plan shall terminate upon the death of the participant.
(f) For the purposes of calculating the actuarial equivalent monthly benefit under the preceding subsections, the following assumptions shall apply:
(1) The 1971 Group annuity mortality table.
(2) Seven percent interest.
(g) Payments being made to a surviving child or children under the age of 18 years shall be paid equally. As each child reaches the age of 18 years, that child shall cease to receive benefits, thereby increasing the share or shares of the child or children under the age of 18 years, until the youngest child reaches age 18.
(Act 2002-298, p. 815, §23; Act 2002-304, p. 841, §23.)
