Retirement: Optional Benefits

Each member who is entitled to a regular normal retirement benefit has the right at any time prior to their actual retirement to elect to have such benefit payable under any one of the options listed below. The member may revoke this election and make a new election at any time prior to actual Retirement. The value of the optional retirement benefit will be the actuarially equivalent of the value of benefits otherwise payable. The member must make the election in writing and is subject to the approval of the Board.

  • Option 1Joint and last survivor option. A retiring member may elect to receive a decreased retirement benefit during his lifetime and have such decreased retirement benefit (or a designated fraction thereof) continued after his death for the lifetime of the designated contingent annuitant. The election of Option 1 will be null and void if the designated contingent annuitant dies before the member’s retirement.
  • Option 2Ten (10) years certain and life thereafter. A retiring member may elect to receive a decreased retirement benefit with 120 monthly payments guaranteed. If, after retiring, the member should die before the 120 monthly payments are made, payments are then continued to his designated beneficiary until all 120 payments have been made, at which time benefits cease. If after expiration of the 10 year certain period and the retired member is still alive, payment will be continued during his remaining lifetime.
  • Option 3Other. In lieu of the other optional forms above, retirement benefits may be paid in any form approved by the Board so long as the actuarial equivalence with the benefits otherwise payable is maintained.

Optional Retirement Benefits
Early Retirement
Vested Retirement

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