Optional plans for payment of benefits--limitations--waiver.
169.326. 1. Until the first payment on account of any benefitbecomes due, any retirant may elect, by delivering written notice dulyacknowledged to the board of trustees, to receive the actuarial equivalentof the person's annual service retirement allowance or disabilityretirement allowance in the form of one of the options set forth below. Nooptional selection shall become effective in case a retirant dies withinthirty days after retirement or within thirty days after filing suchelection; in such event the retirant shall be considered as an activemember at the time of the retirant's death.
Option 1. Upon the person's death, the person's retirement allowanceshall be continued throughout the life of and paid to such person as theperson shall nominate by written designation duly acknowledged anddelivered to the board of trustees at or prior to the time of the person'sretirement, provided that in the event the person's designated beneficiarypredeceases the person, then the person's retirement allowance shall beadjusted at that time to the amount determined pursuant to subsection 1 ofsection 169.324 at the time of the retirement of the person, or
Option 2. Upon the person's death, one-half of the person'sretirement allowance shall be continued throughout the life of and paid tosuch person as the person shall nominate by written designation dulyacknowledged and filed with the board of trustees at or prior to the timeof the person's retirement, provided that in the event the person'sdesignated beneficiary predeceases the person, then the person's retirementallowance shall be adjusted at that time to the amount determined undersubsection 1 of section 169.324 at the time of the person's retirement, or
Option 3. Upon the person's death, no benefits shall be paid to anybeneficiary or estate of the retired member. This optional benefit isactuarially increased over the benefit formula providing for benefits atdeath.
2. If the death of any member who has not elected an option occursbefore the person has received total benefits at least as large asaccumulated contributions at retirement, the difference shall be paid inone lump sum to the person's designated beneficiary, if living, otherwiseto the estate of the retired member.
3. If an active member dies, or if an inactive member dies beforeretirement but after becoming eligible to retire and commence receivingretirement benefits, and a dependent of the member (spouse, dependent childunder age nineteen or dependent parent) is designated as primarybeneficiary to receive the member's accumulated contributions, thebeneficiary may, in lieu thereof, at the beneficiary's option, request thatthe benefit be paid under option 1 in subsection 1 of this section as ifthe member had retired as of the date of death and designated suchbeneficiary as the option 1 beneficiary; except that if the beneficiary isa dependent child, the option 1 benefit shall be payable only until thechild attains age nineteen and not throughout the life of such child. Ifthe designated beneficiary elects the option 1 benefit and if the memberwas an active member at the time of death, such benefit shall be calculatedas if the deceased member had, at the time of death, at least ten years'creditable service. If more than one dependent is designated asbeneficiary, the benefit shall be shared equally as determined by theactuary. The determination of the board of trustees as to whether a personis a dependent for the purpose of this subsection shall be final.
4. Notwithstanding anything contained in sections 169.270 to 169.400to the contrary, the payment of the annual service retirement allowance, orthe actuarial equivalent of the annual service retirement allowance payableunder any option prescribed in this section, shall at all times comply withthe distribution rules of Section 401(a)(9) of the Internal Revenue Code of1986, as amended, and the regulations thereunder, the terms of which arespecifically incorporated herein by reference.
5. No person who would otherwise qualify as a dependent orbeneficiary shall be eligible for, or entitled to, any benefits when suchperson is the principal or an accomplice in willfully bringing about thedeath of a member, retirant, or another dependent or beneficiary whosedeath would otherwise have resulted in payment of a benefit or a benefitincrease to such person. The determination of the board of trustees thatsuch person willfully brought about such death shall be made from apreponderance of the evidence presented and shall not be controlled by anycontrary finding by any other forum, whether considered under the same oranother degree of proof.
6. Any retirant or dependent or beneficiary who is entitled to orreceiving benefits from the retirement system may, on a form prescribed bythe board of trustees and filed with the board, irrevocably waive all orany portion of his or her retirement allowance or survivor benefit or anyother benefit payable hereunder. Such waiver shall apply only to benefitsthat are payable on or after the date the waiver is filed. If a retirantfiles an irrevocable waiver in accordance with this subsection, the waivershall apply only with respect to the retirant and shall not affect therights of any dependents or other beneficiaries upon the retirant's death.If a dependent or beneficiary files an irrevocable waiver in accordancewith this subsection, any benefits payable hereunder as a result of thedeath of a member or retirant shall be paid as if such dependent orbeneficiary did not exist.
Optional plans for payment of benefits--limitations--waiver.
169.326. 1. Until the first payment on account of any benefitbecomes due, any retirant may elect, by delivering written notice dulyacknowledged to the board of trustees, to receive the actuarial equivalentof the person's annual service retirement allowance or disabilityretirement allowance in the form of one of the options set forth below. Nooptional selection shall become effective in case a retirant dies withinthirty days after retirement or within thirty days after filing suchelection; in such event the retirant shall be considered as an activemember at the time of the retirant's death.
Option 1. Upon the person's death, the person's retirement allowanceshall be continued throughout the life of and paid to such person as theperson shall nominate by written designation duly acknowledged anddelivered to the board of trustees at or prior to the time of the person'sretirement, provided that in the event the person's designated beneficiarypredeceases the person, then the person's retirement allowance shall beadjusted at that time to the amount determined pursuant to subsection 1 ofsection 169.324 at the time of the retirement of the person, or
Option 2. Upon the person's death, one-half of the person'sretirement allowance shall be continued throughout the life of and paid tosuch person as the person shall nominate by written designation dulyacknowledged and filed with the board of trustees at or prior to the timeof the person's retirement, provided that in the event the person'sdesignated beneficiary predeceases the person, then the person's retirementallowance shall be adjusted at that time to the amount determined undersubsection 1 of section 169.324 at the time of the person's retirement, or
Option 3. Upon the person's death, no benefits shall be paid to anybeneficiary or estate of the retired member. This optional benefit isactuarially increased over the benefit formula providing for benefits atdeath.
2. If the death of any member who has not elected an option occursbefore the person has received total benefits at least as large asaccumulated contributions at retirement, the difference shall be paid inone lump sum to the person's designated beneficiary, if living, otherwiseto the estate of the retired member.
3. If an active member dies, or if an inactive member dies beforeretirement but after becoming eligible to retire and commence receivingretirement benefits, and a dependent of the member (spouse, dependent childunder age nineteen or dependent parent) is designated as primarybeneficiary to receive the member's accumulated contributions, thebeneficiary may, in lieu thereof, at the beneficiary's option, request thatthe benefit be paid under option 1 in subsection 1 of this section as ifthe member had retired as of the date of death and designated suchbeneficiary as the option 1 beneficiary; except that if the beneficiary isa dependent child, the option 1 benefit shall be payable only until thechild attains age nineteen and not throughout the life of such child. Ifthe designated beneficiary elects the option 1 benefit and if the memberwas an active member at the time of death, such benefit shall be calculatedas if the deceased member had, at the time of death, at least ten years'creditable service. If more than one dependent is designated asbeneficiary, the benefit shall be shared equally as determined by theactuary. The determination of the board of trustees as to whether a personis a dependent for the purpose of this subsection shall be final.
4. Notwithstanding anything contained in sections 169.270 to 169.400to the contrary, the payment of the annual service retirement allowance, orthe actuarial equivalent of the annual service retirement allowance payableunder any option prescribed in this section, shall at all times comply withthe distribution rules of Section 401(a)(9) of the Internal Revenue Code of1986, as amended, and the regulations thereunder, the terms of which arespecifically incorporated herein by reference.
5. No person who would otherwise qualify as a dependent orbeneficiary shall be eligible for, or entitled to, any benefits when suchperson is the principal or an accomplice in willfully bringing about thedeath of a member, retirant, or another dependent or beneficiary whosedeath would otherwise have resulted in payment of a benefit or a benefitincrease to such person. The determination of the board of trustees thatsuch person willfully brought about such death shall be made from apreponderance of the evidence presented and shall not be controlled by anycontrary finding by any other forum, whether considered under the same oranother degree of proof.
6. Any retirant or dependent or beneficiary who is entitled to orreceiving benefits from the retirement system may, on a form prescribed bythe board of trustees and filed with the board, irrevocably waive all orany portion of his or her retirement allowance or survivor benefit or anyother benefit payable hereunder. Such waiver shall apply only to benefitsthat are payable on or after the date the waiver is filed. If a retirantfiles an irrevocable waiver in accordance with this subsection, the waivershall apply only with respect to the retirant and shall not affect therights of any dependents or other beneficiaries upon the retirant's death.If a dependent or beneficiary files an irrevocable waiver in accordancewith this subsection, any benefits payable hereunder as a result of thedeath of a member or retirant shall be paid as if such dependent orbeneficiary did not exist.
Optional plans for payment of benefits--limitations--waiver.
169.326. 1. Until the first payment on account of any benefitbecomes due, any retirant may elect, by delivering written notice dulyacknowledged to the board of trustees, to receive the actuarial equivalentof the person's annual service retirement allowance or disabilityretirement allowance in the form of one of the options set forth below. Nooptional selection shall become effective in case a retirant dies withinthirty days after retirement or within thirty days after filing suchelection; in such event the retirant shall be considered as an activemember at the time of the retirant's death.
Option 1. Upon the person's death, the person's retirement allowanceshall be continued throughout the life of and paid to such person as theperson shall nominate by written designation duly acknowledged anddelivered to the board of trustees at or prior to the time of the person'sretirement, provided that in the event the person's designated beneficiarypredeceases the person, then the person's retirement allowance shall beadjusted at that time to the amount determined pursuant to subsection 1 ofsection 169.324 at the time of the retirement of the person, or
Option 2. Upon the person's death, one-half of the person'sretirement allowance shall be continued throughout the life of and paid tosuch person as the person shall nominate by written designation dulyacknowledged and filed with the board of trustees at or prior to the timeof the person's retirement, provided that in the event the person'sdesignated beneficiary predeceases the person, then the person's retirementallowance shall be adjusted at that time to the amount determined undersubsection 1 of section 169.324 at the time of the person's retirement, or
Option 3. Upon the person's death, no benefits shall be paid to anybeneficiary or estate of the retired member. This optional benefit isactuarially increased over the benefit formula providing for benefits atdeath.
2. If the death of any member who has not elected an option occursbefore the person has received total benefits at least as large asaccumulated contributions at retirement, the difference shall be paid inone lump sum to the person's designated beneficiary, if living, otherwiseto the estate of the retired member.
3. If an active member dies, or if an inactive member dies beforeretirement but after becoming eligible to retire and commence receivingretirement benefits, and a dependent of the member (spouse, dependent childunder age nineteen or dependent parent) is designated as primarybeneficiary to receive the member's accumulated contributions, thebeneficiary may, in lieu thereof, at the beneficiary's option, request thatthe benefit be paid under option 1 in subsection 1 of this section as ifthe member had retired as of the date of death and designated suchbeneficiary as the option 1 beneficiary; except that if the beneficiary isa dependent child, the option 1 benefit shall be payable only until thechild attains age nineteen and not throughout the life of such child. Ifthe designated beneficiary elects the option 1 benefit and if the memberwas an active member at the time of death, such benefit shall be calculatedas if the deceased member had, at the time of death, at least ten years'creditable service. If more than one dependent is designated asbeneficiary, the benefit shall be shared equally as determined by theactuary. The determination of the board of trustees as to whether a personis a dependent for the purpose of this subsection shall be final.
4. Notwithstanding anything contained in sections 169.270 to 169.400to the contrary, the payment of the annual service retirement allowance, orthe actuarial equivalent of the annual service retirement allowance payableunder any option prescribed in this section, shall at all times comply withthe distribution rules of Section 401(a)(9) of the Internal Revenue Code of1986, as amended, and the regulations thereunder, the terms of which arespecifically incorporated herein by reference.
5. No person who would otherwise qualify as a dependent orbeneficiary shall be eligible for, or entitled to, any benefits when suchperson is the principal or an accomplice in willfully bringing about thedeath of a member, retirant, or another dependent or beneficiary whosedeath would otherwise have resulted in payment of a benefit or a benefitincrease to such person. The determination of the board of trustees thatsuch person willfully brought about such death shall be made from apreponderance of the evidence presented and shall not be controlled by anycontrary finding by any other forum, whether considered under the same oranother degree of proof.
6. Any retirant or dependent or beneficiary who is entitled to orreceiving benefits from the retirement system may, on a form prescribed bythe board of trustees and filed with the board, irrevocably waive all orany portion of his or her retirement allowance or survivor benefit or anyother benefit payable hereunder. Such waiver shall apply only to benefitsthat are payable on or after the date the waiver is filed. If a retirantfiles an irrevocable waiver in accordance with this subsection, the waivershall apply only with respect to the retirant and shall not affect therights of any dependents or other beneficiaries upon the retirant's death.If a dependent or beneficiary files an irrevocable waiver in accordancewith this subsection, any benefits payable hereunder as a result of thedeath of a member or retirant shall be paid as if such dependent orbeneficiary did not exist.
