Options available to members in lieu of normal annuity--spouse asdesignated beneficiary, when--statement that spouse aware ofretirement plan elected--reversion of amount of benefit,conditions--special consultant, compensation--election to bemade, when.
104.395. 1. In lieu of the normal annuity otherwise payable to amember pursuant to sections 104.335, 104.370, 104.371, 104.374, or 104.400,and prior to the last business day of the month before the annuity startingdate pursuant to section 104.401, a member shall elect whether or not tohave such member's normal annuity reduced as provided by the options setforth in this section; provided that if such election has not been madewithin such time, annuity payments due beginning on and after such annuitystarting date shall be made the month following the receipt by the systemof such election, and further provided, that if such person dies after suchannuity starting date but before making such election, no benefits shall bepaid except as required pursuant to section 104.420:
Option 1. An actuarial reduction approved by the board of themember's annuity in reduced monthly payments for life during retirementwith the provision that upon the member's death the reduced annuity at thedate of the member's death shall be continued throughout the life of, andbe paid to, the member's spouse to whom the member was married at the dateof retirement and who was nominated by the member to receive such paymentsin the member's application for retirement or as otherwise providedpursuant to subsection 5 of this section. Such annuity shall be reduced inthe same manner as an annuity under option 2 as in effect immediately priorto August 28, 1997. The surviving spouse shall designate a beneficiary toreceive any final monthly payment due after the death of the survivingspouse; or
Option 2. The member's normal annuity in regular monthly payments forlife during the member's retirement with the provision that upon themember's death a survivor's benefit equal to one-half the member's annuityat the date of the member's death shall be paid to the member's spouse towhom the member was married at the date of retirement and who was nominatedby the member to receive such payments in the member's application forretirement or as otherwise provided pursuant to subsection 5 of thissection, in regular monthly payments for life. The surviving spouse shalldesignate a beneficiary to receive any final monthly payment due after thedeath of the surviving spouse; or
Option 3. An actuarial reduction approved by the board of themember's normal annuity in reduced monthly payments for the member's lifewith the provision that if the member dies prior to the member havingreceived one hundred twenty monthly payments of the member's reducedannuity, the member's reduced annuity to which the member would have beenentitled had the member lived shall be paid for the remainder of the onehundred twenty months' period to such person as the member shall havenominated by written designation duly executed and filed with the board.If there is no such beneficiary surviving the retirant, the reserve forsuch annuity for the remainder of such one hundred twenty months' periodshall be paid as provided under subsection 3 of section 104.620. If suchbeneficiary dies after the member's date of death but before havingreceived the remainder of the one hundred twenty monthly payments of theretiree's reduced annuity, the reserve for such annuity for the remainderof such one hundred twenty-month period shall be paid as provided undersubsection 3 of section 104.620; or
Option 4. An actuarial reduction approved by the board of themember's normal annuity in reduced monthly payments for the member's lifewith the provision that if the member dies prior to the member havingreceived sixty monthly payments of the member's reduced annuity, themember's reduced annuity to which the member would have been entitled hadthe member lived shall be paid for the remainder of the sixty months'period to such person as the member shall have nominated by writtendesignation duly executed and filed with the board. If there be no suchbeneficiary surviving the retirant, the reserve for such annuity for theremainder of such sixty months' period shall be paid as provided undersubsection 3 of section 104.620. If such beneficiary dies after themember's date of death but before having received the remainder of thesixty monthly payments of the retiree's reduced annuity, the reserve forsuch annuity for the remainder of the sixty-month period shall be paid asprovided under subsection 3 of section 104.620.
2. Effective July 1, 2000, if a member is married as of the annuitystarting date to a person who has been the member's spouse, the member'sannuity shall be paid pursuant to the provisions of either option 1 oroption 2 as set forth in subsection 1 of this section, at the member'schoice, with the spouse as the member's designated beneficiary unless thespouse consents in writing to the member electing another available form ofpayment.
3. For members who retire on or after August 28, 1995, in the eventsuch member elected a joint and survivor option pursuant to the provisionsof this section and the member's eligible spouse or eligible former spouseprecedes the member in death, the member's annuity shall revert effectivethe first of the month following the death of the spouse or eligible formerspouse regardless of when the board receives the member's writtenapplication for the benefit provided in this subsection, to an amount equalto the member's normal annuity, as adjusted for early retirement ifapplicable; such benefit shall include any increases the member would havereceived since the date of retirement had the member elected a normalannuity. If a member dies prior to notifying the system of the spouse'sdeath, the benefit will not revert to a normal annuity and no retroactivepayments shall be made.
4. Effective on or after August 28, 1995, any retired member who hadelected a joint and survivor option and whose spouse or eligible formerspouse precedes or preceded the member in death shall upon application tothe board be made, constituted, appointed and employed by the board as aspecial consultant on the problems of retirement, aging and other statematters. As a special consultant pursuant to the provisions of thissection, the member's reduced annuity shall revert to a normal annuity asadjusted for early retirement, if applicable, effective the first of themonth following the death of the spouse or eligible former spouse or August28, 1995, whichever is later, if the member cancels the member's originaljoint and survivor election; such annuity shall include any increases theretired member would have received since the date of retirement had themember elected a normal annuity.
5. Effective July 1, 2000, a member may make an election under option1 or 2 after the date retirement benefits are initiated if the member makessuch election within one year from the date of marriage or July 1, 2000,whichever is later, under any of the following circumstances:
(1) The member elected to receive a normal annuity and was noteligible to elect option 1 or 2 on the date retirement benefits wereinitiated; or
(2) The member's annuity reverted to a normal annuity pursuant tosubsection 3 or 4 of this section and the member remarried.
6. Any person who terminates employment or retires prior to July 1,2000, shall be made, constituted, appointed and employed by the board as aspecial consultant on the problems of retirement, aging and other statematters, and for such services shall be eligible to elect to receive thebenefits described in subsection 5 of this section.
7. Effective September 1, 2001, the retirement application of anymember who fails to make an election pursuant to subsection 1 of thissection within ninety days of the annuity starting date contained in suchretirement application shall be nullified. Any member whose retirementapplication is nullified shall not receive retirement benefits until themember files a new application for retirement pursuant to section 104.401and makes the election pursuant to subsection 1 of this section. In noevent shall any retroactive retirement benefits be paid.
8. A member may change a member's election made under this section atany time prior to the system mailing or electronically transferring thefirst annuity payment to such member.
Options available to members in lieu of normal annuity--spouse asdesignated beneficiary, when--statement that spouse aware ofretirement plan elected--reversion of amount of benefit,conditions--special consultant, compensation--election to bemade, when.
104.395. 1. In lieu of the normal annuity otherwise payable to amember pursuant to sections 104.335, 104.370, 104.371, 104.374, or 104.400,and prior to the last business day of the month before the annuity startingdate pursuant to section 104.401, a member shall elect whether or not tohave such member's normal annuity reduced as provided by the options setforth in this section; provided that if such election has not been madewithin such time, annuity payments due beginning on and after such annuitystarting date shall be made the month following the receipt by the systemof such election, and further provided, that if such person dies after suchannuity starting date but before making such election, no benefits shall bepaid except as required pursuant to section 104.420:
Option 1. An actuarial reduction approved by the board of themember's annuity in reduced monthly payments for life during retirementwith the provision that upon the member's death the reduced annuity at thedate of the member's death shall be continued throughout the life of, andbe paid to, the member's spouse to whom the member was married at the dateof retirement and who was nominated by the member to receive such paymentsin the member's application for retirement or as otherwise providedpursuant to subsection 5 of this section. Such annuity shall be reduced inthe same manner as an annuity under option 2 as in effect immediately priorto August 28, 1997. The surviving spouse shall designate a beneficiary toreceive any final monthly payment due after the death of the survivingspouse; or
Option 2. The member's normal annuity in regular monthly payments forlife during the member's retirement with the provision that upon themember's death a survivor's benefit equal to one-half the member's annuityat the date of the member's death shall be paid to the member's spouse towhom the member was married at the date of retirement and who was nominatedby the member to receive such payments in the member's application forretirement or as otherwise provided pursuant to subsection 5 of thissection, in regular monthly payments for life. The surviving spouse shalldesignate a beneficiary to receive any final monthly payment due after thedeath of the surviving spouse; or
Option 3. An actuarial reduction approved by the board of themember's normal annuity in reduced monthly payments for the member's lifewith the provision that if the member dies prior to the member havingreceived one hundred twenty monthly payments of the member's reducedannuity, the member's reduced annuity to which the member would have beenentitled had the member lived shall be paid for the remainder of the onehundred twenty months' period to such person as the member shall havenominated by written designation duly executed and filed with the board.If there is no such beneficiary surviving the retirant, the reserve forsuch annuity for the remainder of such one hundred twenty months' periodshall be paid as provided under subsection 3 of section 104.620. If suchbeneficiary dies after the member's date of death but before havingreceived the remainder of the one hundred twenty monthly payments of theretiree's reduced annuity, the reserve for such annuity for the remainderof such one hundred twenty-month period shall be paid as provided undersubsection 3 of section 104.620; or
Option 4. An actuarial reduction approved by the board of themember's normal annuity in reduced monthly payments for the member's lifewith the provision that if the member dies prior to the member havingreceived sixty monthly payments of the member's reduced annuity, themember's reduced annuity to which the member would have been entitled hadthe member lived shall be paid for the remainder of the sixty months'period to such person as the member shall have nominated by writtendesignation duly executed and filed with the board. If there be no suchbeneficiary surviving the retirant, the reserve for such annuity for theremainder of such sixty months' period shall be paid as provided undersubsection 3 of section 104.620. If such beneficiary dies after themember's date of death but before having received the remainder of thesixty monthly payments of the retiree's reduced annuity, the reserve forsuch annuity for the remainder of the sixty-month period shall be paid asprovided under subsection 3 of section 104.620.
2. Effective July 1, 2000, if a member is married as of the annuitystarting date to a person who has been the member's spouse, the member'sannuity shall be paid pursuant to the provisions of either option 1 oroption 2 as set forth in subsection 1 of this section, at the member'schoice, with the spouse as the member's designated beneficiary unless thespouse consents in writing to the member electing another available form ofpayment.
3. For members who retire on or after August 28, 1995, in the eventsuch member elected a joint and survivor option pursuant to the provisionsof this section and the member's eligible spouse or eligible former spouseprecedes the member in death, the member's annuity shall revert effectivethe first of the month following the death of the spouse or eligible formerspouse regardless of when the board receives the member's writtenapplication for the benefit provided in this subsection, to an amount equalto the member's normal annuity, as adjusted for early retirement ifapplicable; such benefit shall include any increases the member would havereceived since the date of retirement had the member elected a normalannuity. If a member dies prior to notifying the system of the spouse'sdeath, the benefit will not revert to a normal annuity and no retroactivepayments shall be made.
4. Effective on or after August 28, 1995, any retired member who hadelected a joint and survivor option and whose spouse or eligible formerspouse precedes or preceded the member in death shall upon application tothe board be made, constituted, appointed and employed by the board as aspecial consultant on the problems of retirement, aging and other statematters. As a special consultant pursuant to the provisions of thissection, the member's reduced annuity shall revert to a normal annuity asadjusted for early retirement, if applicable, effective the first of themonth following the death of the spouse or eligible former spouse or August28, 1995, whichever is later, if the member cancels the member's originaljoint and survivor election; such annuity shall include any increases theretired member would have received since the date of retirement had themember elected a normal annuity.
5. Effective July 1, 2000, a member may make an election under option1 or 2 after the date retirement benefits are initiated if the member makessuch election within one year from the date of marriage or July 1, 2000,whichever is later, under any of the following circumstances:
(1) The member elected to receive a normal annuity and was noteligible to elect option 1 or 2 on the date retirement benefits wereinitiated; or
(2) The member's annuity reverted to a normal annuity pursuant tosubsection 3 or 4 of this section and the member remarried.
6. Any person who terminates employment or retires prior to July 1,2000, shall be made, constituted, appointed and employed by the board as aspecial consultant on the problems of retirement, aging and other statematters, and for such services shall be eligible to elect to receive thebenefits described in subsection 5 of this section.
7. Effective September 1, 2001, the retirement application of anymember who fails to make an election pursuant to subsection 1 of thissection within ninety days of the annuity starting date contained in suchretirement application shall be nullified. Any member whose retirementapplication is nullified shall not receive retirement benefits until themember files a new application for retirement pursuant to section 104.401and makes the election pursuant to subsection 1 of this section. In noevent shall any retroactive retirement benefits be paid.
8. A member may change a member's election made under this section atany time prior to the system mailing or electronically transferring thefirst annuity payment to such member.
Options available to members in lieu of normal annuity--spouse asdesignated beneficiary, when--statement that spouse aware ofretirement plan elected--reversion of amount of benefit,conditions--special consultant, compensation--election to bemade, when.
104.395. 1. In lieu of the normal annuity otherwise payable to amember pursuant to sections 104.335, 104.370, 104.371, 104.374, or 104.400,and prior to the last business day of the month before the annuity startingdate pursuant to section 104.401, a member shall elect whether or not tohave such member's normal annuity reduced as provided by the options setforth in this section; provided that if such election has not been madewithin such time, annuity payments due beginning on and after such annuitystarting date shall be made the month following the receipt by the systemof such election, and further provided, that if such person dies after suchannuity starting date but before making such election, no benefits shall bepaid except as required pursuant to section 104.420:
Option 1. An actuarial reduction approved by the board of themember's annuity in reduced monthly payments for life during retirementwith the provision that upon the member's death the reduced annuity at thedate of the member's death shall be continued throughout the life of, andbe paid to, the member's spouse to whom the member was married at the dateof retirement and who was nominated by the member to receive such paymentsin the member's application for retirement or as otherwise providedpursuant to subsection 5 of this section. Such annuity shall be reduced inthe same manner as an annuity under option 2 as in effect immediately priorto August 28, 1997. The surviving spouse shall designate a beneficiary toreceive any final monthly payment due after the death of the survivingspouse; or
Option 2. The member's normal annuity in regular monthly payments forlife during the member's retirement with the provision that upon themember's death a survivor's benefit equal to one-half the member's annuityat the date of the member's death shall be paid to the member's spouse towhom the member was married at the date of retirement and who was nominatedby the member to receive such payments in the member's application forretirement or as otherwise provided pursuant to subsection 5 of thissection, in regular monthly payments for life. The surviving spouse shalldesignate a beneficiary to receive any final monthly payment due after thedeath of the surviving spouse; or
Option 3. An actuarial reduction approved by the board of themember's normal annuity in reduced monthly payments for the member's lifewith the provision that if the member dies prior to the member havingreceived one hundred twenty monthly payments of the member's reducedannuity, the member's reduced annuity to which the member would have beenentitled had the member lived shall be paid for the remainder of the onehundred twenty months' period to such person as the member shall havenominated by written designation duly executed and filed with the board.If there is no such beneficiary surviving the retirant, the reserve forsuch annuity for the remainder of such one hundred twenty months' periodshall be paid as provided under subsection 3 of section 104.620. If suchbeneficiary dies after the member's date of death but before havingreceived the remainder of the one hundred twenty monthly payments of theretiree's reduced annuity, the reserve for such annuity for the remainderof such one hundred twenty-month period shall be paid as provided undersubsection 3 of section 104.620; or
Option 4. An actuarial reduction approved by the board of themember's normal annuity in reduced monthly payments for the member's lifewith the provision that if the member dies prior to the member havingreceived sixty monthly payments of the member's reduced annuity, themember's reduced annuity to which the member would have been entitled hadthe member lived shall be paid for the remainder of the sixty months'period to such person as the member shall have nominated by writtendesignation duly executed and filed with the board. If there be no suchbeneficiary surviving the retirant, the reserve for such annuity for theremainder of such sixty months' period shall be paid as provided undersubsection 3 of section 104.620. If such beneficiary dies after themember's date of death but before having received the remainder of thesixty monthly payments of the retiree's reduced annuity, the reserve forsuch annuity for the remainder of the sixty-month period shall be paid asprovided under subsection 3 of section 104.620.
2. Effective July 1, 2000, if a member is married as of the annuitystarting date to a person who has been the member's spouse, the member'sannuity shall be paid pursuant to the provisions of either option 1 oroption 2 as set forth in subsection 1 of this section, at the member'schoice, with the spouse as the member's designated beneficiary unless thespouse consents in writing to the member electing another available form ofpayment.
3. For members who retire on or after August 28, 1995, in the eventsuch member elected a joint and survivor option pursuant to the provisionsof this section and the member's eligible spouse or eligible former spouseprecedes the member in death, the member's annuity shall revert effectivethe first of the month following the death of the spouse or eligible formerspouse regardless of when the board receives the member's writtenapplication for the benefit provided in this subsection, to an amount equalto the member's normal annuity, as adjusted for early retirement ifapplicable; such benefit shall include any increases the member would havereceived since the date of retirement had the member elected a normalannuity. If a member dies prior to notifying the system of the spouse'sdeath, the benefit will not revert to a normal annuity and no retroactivepayments shall be made.
4. Effective on or after August 28, 1995, any retired member who hadelected a joint and survivor option and whose spouse or eligible formerspouse precedes or preceded the member in death shall upon application tothe board be made, constituted, appointed and employed by the board as aspecial consultant on the problems of retirement, aging and other statematters. As a special consultant pursuant to the provisions of thissection, the member's reduced annuity shall revert to a normal annuity asadjusted for early retirement, if applicable, effective the first of themonth following the death of the spouse or eligible former spouse or August28, 1995, whichever is later, if the member cancels the member's originaljoint and survivor election; such annuity shall include any increases theretired member would have received since the date of retirement had themember elected a normal annuity.
5. Effective July 1, 2000, a member may make an election under option1 or 2 after the date retirement benefits are initiated if the member makessuch election within one year from the date of marriage or July 1, 2000,whichever is later, under any of the following circumstances:
(1) The member elected to receive a normal annuity and was noteligible to elect option 1 or 2 on the date retirement benefits wereinitiated; or
(2) The member's annuity reverted to a normal annuity pursuant tosubsection 3 or 4 of this section and the member remarried.
6. Any person who terminates employment or retires prior to July 1,2000, shall be made, constituted, appointed and employed by the board as aspecial consultant on the problems of retirement, aging and other statematters, and for such services shall be eligible to elect to receive thebenefits described in subsection 5 of this section.
7. Effective September 1, 2001, the retirement application of anymember who fails to make an election pursuant to subsection 1 of thissection within ninety days of the annuity starting date contained in suchretirement application shall be nullified. Any member whose retirementapplication is nullified shall not receive retirement benefits until themember files a new application for retirement pursuant to section 104.401and makes the election pursuant to subsection 1 of this section. In noevent shall any retroactive retirement benefits be paid.
8. A member may change a member's election made under this section atany time prior to the system mailing or electronically transferring thefirst annuity payment to such member.
