97B.51 ALLOWANCE UPON RETIREMENT.
1. Each member has the right prior to the member's retirement
date to elect to have the member's retirement allowance payable under
one of the options set forth in this section. The amount of the
optional retirement allowance selected in paragraph "a", "c",
"d", "e", or "f" shall be the actuarial equivalent of the
amount of the retirement allowance otherwise payable to the member as
determined by the system in consultation with the system's actuary.
The member shall make an election by written request to the system
and the election is subject to the approval of the system. If the
member is married, election of an option under this section requires
the written acknowledgment of the member's spouse. However, the
system may accept a married member's election of a benefit option
under this section without the written acknowledgment of the member's
spouse if the member submits a notarized statement indicating that
the member has been unable to locate the member's spouse to obtain
the written acknowledgment of the spouse after reasonable diligent
efforts. The member's election of a benefit option shall become
effective upon filing the necessary forms, including the notarized
statement, with the system. The system shall not be liable to the
member, the member's spouse, or to any other person affected by the
member's election of a benefit option, based upon an election of
benefit option accomplished without the written acknowledgment of the
member's spouse. The member may, if eligible, select one of the
following options:
a. At retirement, a member may designate that upon the
member's death, a specified amount of money shall be paid to a named
beneficiary, and the member's monthly retirement allowance shall be
reduced by an actuarially determined amount to provide for the lump
sum payment. The amount designated by the member must be in thousand
dollar increments and shall be limited to the amount of the member's
accumulated contributions. The amount designated shall not lower the
monthly retirement allowance of the member by more than one-half the
amount payable as provided in paragraph "b". A member may
designate a different beneficiary at any time, except as limited by
an order that has been accepted by the system as complying with the
requirements of section 97B.39. The election of a death benefit
amount under this paragraph shall be irrevocable upon payment of the
first monthly retirement allowance.
b. A member may elect a retirement allowance otherwise
payable to the member upon retirement under the retirement system
pursuant to this chapter, to include the applicable provisions of
sections 97B.49A through 97B.49G, and a death benefit as provided in
section 97B.52, subsection 3.
c. A member may elect an increased retirement allowance
during the member's lifetime with no death benefit after the member's
retirement date.
d. (1) A member may elect to receive a decreased retirement
allowance during the member's lifetime and have the decreased
retirement allowance, or a designated fraction thereof, continued
after the member's death to another person, called a contingent
annuitant, during the lifetime of the contingent annuitant. The
member cannot change the contingent annuitant after the member's
retirement. In case of the election of a contingent annuitant, no
death benefits, as might otherwise be provided by this chapter, will
be payable upon the death of either the member or the contingent
annuitant after the member's retirement.
(2) In lieu of a benefit as calculated under subparagraph (1), a
member may elect to receive a decreased retirement allowance during
the member's lifetime and have the decreased retirement allowance, or
a designated fraction thereof, continued after the member's death to
another person, called a contingent annuitant, during the lifetime of
the contingent annuitant, as determined by this subparagraph. In
addition, if the contingent annuitant dies prior to the death of the
member, the member shall receive a retirement allowance beginning
with the first month following the death of the contingent annuitant
as if the member had selected the option provided by paragraph
"b" at the time of the member's first retirement. The member
cannot change the contingent annuitant after the member's retirement.
If a contingent annuitant receives a decreased retirement allowance
under this subparagraph following the death of the member, no death
benefits, as might otherwise be provided by this chapter, will be
payable upon the death of the contingent annuitant.
e. A member may elect to receive a decreased retirement
allowance during the member's lifetime with provision that in event
of the member's death during the first one hundred twenty months of
retirement, monthly payments of the member's decreased retirement
allowance shall be made to the member's beneficiary until a combined
total of one hundred twenty monthly payments have been made to the
member and the member's beneficiary. When the member designates
multiple beneficiaries, the present value of the remaining payments
shall be paid in a lump sum to each beneficiary, either in equal
shares to the beneficiaries, or if the member specifies otherwise in
a written request, in the specified proportion. A member may
designate a different beneficiary at any time, except as limited by
an order that has been accepted by the department as complying with
the requirements of section 97B.39.
f. A member retiring under section 97B.49B or 97B.49C may
select an allowance upon retirement as provided under paragraph
"a", "b", "c", or "e", or paragraph "d",
subparagraph (1), and may elect to have the monthly allowance
otherwise payable to the member pursuant to the selected paragraph or
subparagraph recalculated as provided in this paragraph. A member
electing payment of a monthly allowance under this paragraph shall
have the member's monthly allowance increased, as determined by the
system's actuary, by an amount equal to the monthly federal social
security benefit that would be payable to the member on the date the
member would be first eligible to receive a reduced social security
pension benefit based upon the member's account. Upon reaching the
date the member would be first eligible to receive a reduced social
security pension benefit, the member's monthly retirement allowance
shall be permanently reduced, as determined by the system's actuary.
A member electing payment of an allowance under this paragraph shall
provide the system with a copy of the estimate provided by the
federal social security administration of the member's monthly
federal social security benefit that would be payable on the date the
member would be first eligible to receive a reduced social security
pension benefit at least sixty days prior to the member's first month
of entitlement.
2. The election by a member of an option stated under this
section shall be null and void if the member dies prior to the
member's first month of entitlement.
3. A member who had elected to take an option stated in this
section, may, at any time prior to retirement, revoke such an
election by written notice to the system. A member shall not change
or revoke an election once the first retirement allowance is paid.
97B.51 ALLOWANCE UPON RETIREMENT.
1. Each member has the right prior to the member's retirement
date to elect to have the member's retirement allowance payable under
one of the options set forth in this section. The amount of the
optional retirement allowance selected in paragraph "a", "c",
"d", "e", or "f" shall be the actuarial equivalent of the
amount of the retirement allowance otherwise payable to the member as
determined by the system in consultation with the system's actuary.
The member shall make an election by written request to the system
and the election is subject to the approval of the system. If the
member is married, election of an option under this section requires
the written acknowledgment of the member's spouse. However, the
system may accept a married member's election of a benefit option
under this section without the written acknowledgment of the member's
spouse if the member submits a notarized statement indicating that
the member has been unable to locate the member's spouse to obtain
the written acknowledgment of the spouse after reasonable diligent
efforts. The member's election of a benefit option shall become
effective upon filing the necessary forms, including the notarized
statement, with the system. The system shall not be liable to the
member, the member's spouse, or to any other person affected by the
member's election of a benefit option, based upon an election of
benefit option accomplished without the written acknowledgment of the
member's spouse. The member may, if eligible, select one of the
following options:
a. At retirement, a member may designate that upon the
member's death, a specified amount of money shall be paid to a named
beneficiary, and the member's monthly retirement allowance shall be
reduced by an actuarially determined amount to provide for the lump
sum payment. The amount designated by the member must be in thousand
dollar increments and shall be limited to the amount of the member's
accumulated contributions. The amount designated shall not lower the
monthly retirement allowance of the member by more than one-half the
amount payable as provided in paragraph "b". A member may
designate a different beneficiary at any time, except as limited by
an order that has been accepted by the system as complying with the
requirements of section 97B.39. The election of a death benefit
amount under this paragraph shall be irrevocable upon payment of the
first monthly retirement allowance.
b. A member may elect a retirement allowance otherwise
payable to the member upon retirement under the retirement system
pursuant to this chapter, to include the applicable provisions of
sections 97B.49A through 97B.49G, and a death benefit as provided in
section 97B.52, subsection 3.
c. A member may elect an increased retirement allowance
during the member's lifetime with no death benefit after the member's
retirement date.
d. (1) A member may elect to receive a decreased retirement
allowance during the member's lifetime and have the decreased
retirement allowance, or a designated fraction thereof, continued
after the member's death to another person, called a contingent
annuitant, during the lifetime of the contingent annuitant. The
member cannot change the contingent annuitant after the member's
retirement. In case of the election of a contingent annuitant, no
death benefits, as might otherwise be provided by this chapter, will
be payable upon the death of either the member or the contingent
annuitant after the member's retirement.
(2) In lieu of a benefit as calculated under subparagraph (1), a
member may elect to receive a decreased retirement allowance during
the member's lifetime and have the decreased retirement allowance, or
a designated fraction thereof, continued after the member's death to
another person, called a contingent annuitant, during the lifetime of
the contingent annuitant, as determined by this subparagraph. In
addition, if the contingent annuitant dies prior to the death of the
member, the member shall receive a retirement allowance beginning
with the first month following the death of the contingent annuitant
as if the member had selected the option provided by paragraph
"b" at the time of the member's first retirement. The member
cannot change the contingent annuitant after the member's retirement.
If a contingent annuitant receives a decreased retirement allowance
under this subparagraph following the death of the member, no death
benefits, as might otherwise be provided by this chapter, will be
payable upon the death of the contingent annuitant.
e. A member may elect to receive a decreased retirement
allowance during the member's lifetime with provision that in event
of the member's death during the first one hundred twenty months of
retirement, monthly payments of the member's decreased retirement
allowance shall be made to the member's beneficiary until a combined
total of one hundred twenty monthly payments have been made to the
member and the member's beneficiary. When the member designates
multiple beneficiaries, the present value of the remaining payments
shall be paid in a lump sum to each beneficiary, either in equal
shares to the beneficiaries, or if the member specifies otherwise in
a written request, in the specified proportion. A member may
designate a different beneficiary at any time, except as limited by
an order that has been accepted by the department as complying with
the requirements of section 97B.39.
f. A member retiring under section 97B.49B or 97B.49C may
select an allowance upon retirement as provided under paragraph
"a", "b", "c", or "e", or paragraph "d",
subparagraph (1), and may elect to have the monthly allowance
otherwise payable to the member pursuant to the selected paragraph or
subparagraph recalculated as provided in this paragraph. A member
electing payment of a monthly allowance under this paragraph shall
have the member's monthly allowance increased, as determined by the
system's actuary, by an amount equal to the monthly federal social
security benefit that would be payable to the member on the date the
member would be first eligible to receive a reduced social security
pension benefit based upon the member's account. Upon reaching the
date the member would be first eligible to receive a reduced social
security pension benefit, the member's monthly retirement allowance
shall be permanently reduced, as determined by the system's actuary.
A member electing payment of an allowance under this paragraph shall
provide the system with a copy of the estimate provided by the
federal social security administration of the member's monthly
federal social security benefit that would be payable on the date the
member would be first eligible to receive a reduced social security
pension benefit at least sixty days prior to the member's first month
of entitlement.
2. The election by a member of an option stated under this
section shall be null and void if the member dies prior to the
member's first month of entitlement.
3. A member who had elected to take an option stated in this
section, may, at any time prior to retirement, revoke such an
election by written notice to the system. A member shall not change
or revoke an election once the first retirement allowance is paid.
97B.51 ALLOWANCE UPON RETIREMENT.
1. Each member has the right prior to the member's retirement
date to elect to have the member's retirement allowance payable under
one of the options set forth in this section. The amount of the
optional retirement allowance selected in paragraph "a", "c",
"d", "e", or "f" shall be the actuarial equivalent of the
amount of the retirement allowance otherwise payable to the member as
determined by the system in consultation with the system's actuary.
The member shall make an election by written request to the system
and the election is subject to the approval of the system. If the
member is married, election of an option under this section requires
the written acknowledgment of the member's spouse. However, the
system may accept a married member's election of a benefit option
under this section without the written acknowledgment of the member's
spouse if the member submits a notarized statement indicating that
the member has been unable to locate the member's spouse to obtain
the written acknowledgment of the spouse after reasonable diligent
efforts. The member's election of a benefit option shall become
effective upon filing the necessary forms, including the notarized
statement, with the system. The system shall not be liable to the
member, the member's spouse, or to any other person affected by the
member's election of a benefit option, based upon an election of
benefit option accomplished without the written acknowledgment of the
member's spouse. The member may, if eligible, select one of the
following options:
a. At retirement, a member may designate that upon the
member's death, a specified amount of money shall be paid to a named
beneficiary, and the member's monthly retirement allowance shall be
reduced by an actuarially determined amount to provide for the lump
sum payment. The amount designated by the member must be in thousand
dollar increments and shall be limited to the amount of the member's
accumulated contributions. The amount designated shall not lower the
monthly retirement allowance of the member by more than one-half the
amount payable as provided in paragraph "b". A member may
designate a different beneficiary at any time, except as limited by
an order that has been accepted by the system as complying with the
requirements of section 97B.39. The election of a death benefit
amount under this paragraph shall be irrevocable upon payment of the
first monthly retirement allowance.
b. A member may elect a retirement allowance otherwise
payable to the member upon retirement under the retirement system
pursuant to this chapter, to include the applicable provisions of
sections 97B.49A through 97B.49G, and a death benefit as provided in
section 97B.52, subsection 3.
c. A member may elect an increased retirement allowance
during the member's lifetime with no death benefit after the member's
retirement date.
d. (1) A member may elect to receive a decreased retirement
allowance during the member's lifetime and have the decreased
retirement allowance, or a designated fraction thereof, continued
after the member's death to another person, called a contingent
annuitant, during the lifetime of the contingent annuitant. The
member cannot change the contingent annuitant after the member's
retirement. In case of the election of a contingent annuitant, no
death benefits, as might otherwise be provided by this chapter, will
be payable upon the death of either the member or the contingent
annuitant after the member's retirement.
(2) In lieu of a benefit as calculated under subparagraph (1), a
member may elect to receive a decreased retirement allowance during
the member's lifetime and have the decreased retirement allowance, or
a designated fraction thereof, continued after the member's death to
another person, called a contingent annuitant, during the lifetime of
the contingent annuitant, as determined by this subparagraph. In
addition, if the contingent annuitant dies prior to the death of the
member, the member shall receive a retirement allowance beginning
with the first month following the death of the contingent annuitant
as if the member had selected the option provided by paragraph
"b" at the time of the member's first retirement. The member
cannot change the contingent annuitant after the member's retirement.
If a contingent annuitant receives a decreased retirement allowance
under this subparagraph following the death of the member, no death
benefits, as might otherwise be provided by this chapter, will be
payable upon the death of the contingent annuitant.
e. A member may elect to receive a decreased retirement
allowance during the member's lifetime with provision that in event
of the member's death during the first one hundred twenty months of
retirement, monthly payments of the member's decreased retirement
allowance shall be made to the member's beneficiary until a combined
total of one hundred twenty monthly payments have been made to the
member and the member's beneficiary. When the member designates
multiple beneficiaries, the present value of the remaining payments
shall be paid in a lump sum to each beneficiary, either in equal
shares to the beneficiaries, or if the member specifies otherwise in
a written request, in the specified proportion. A member may
designate a different beneficiary at any time, except as limited by
an order that has been accepted by the department as complying with
the requirements of section 97B.39.
f. A member retiring under section 97B.49B or 97B.49C may
select an allowance upon retirement as provided under paragraph
"a", "b", "c", or "e", or paragraph "d",
subparagraph (1), and may elect to have the monthly allowance
otherwise payable to the member pursuant to the selected paragraph or
subparagraph recalculated as provided in this paragraph. A member
electing payment of a monthly allowance under this paragraph shall
have the member's monthly allowance increased, as determined by the
system's actuary, by an amount equal to the monthly federal social
security benefit that would be payable to the member on the date the
member would be first eligible to receive a reduced social security
pension benefit based upon the member's account. Upon reaching the
date the member would be first eligible to receive a reduced social
security pension benefit, the member's monthly retirement allowance
shall be permanently reduced, as determined by the system's actuary.
A member electing payment of an allowance under this paragraph shall
provide the system with a copy of the estimate provided by the
federal social security administration of the member's monthly
federal social security benefit that would be payable on the date the
member would be first eligible to receive a reduced social security
pension benefit at least sixty days prior to the member's first month
of entitlement.
2. The election by a member of an option stated under this
section shall be null and void if the member dies prior to the
member's first month of entitlement.
3. A member who had elected to take an option stated in this
section, may, at any time prior to retirement, revoke such an
election by written notice to the system. A member shall not change
or revoke an election once the first retirement allowance is paid.
