§ 54-154. Optional forms of retirement income.

In lieu of the amount and form of retirement income payable in the event of normal retirement, early retirement, disability retirement, or termination of service as specified in sections 54-150, 54-151, 54-152 and 54-153(a) hereof, a participant, upon written request to the retirement committee, may elect to receive a retirement income or benefit commencing on the date specified in sections 54-150, 54-151, 54-152 and 54-153(a), whichever is applicable, of an actuarial equivalent value payable in accordance with one of the following options:

Option 1: A retirement income of a lesser monthly amount, payable to the participant for his lifetime, except that in the event the participant dies before the he has received 120 monthly payments, the same monthly benefit will be paid to the beneficiary designated by the participant until the 120th monthly payment has been made.

Option 2: A retirement income of a modified monthly amount, payable to the participant during the joint lifetime of the participant and a joint pensioner designated by him, and following the death of the participant, 50 percent of such monthly amount payable to the joint pensioner for the lifetime of the joint pensioner. In the event the joint pensioner predeceases the participant, the participant shall continue to receive the same monthly amount as payable during their joint lifetime.

Option 3: A retirement income of a modified monthly amount, payable to the participant during the joint lifetime of the participant and a joint pensioner designated by him, and following the death of the participant, 75 percent of such monthly amount payable to the joint pensioner for the lifetime of the joint pensioner. In the event the joint pensioner predeceases the participant, the participant shall continue to receive the same monthly amount as payable during their joint lifetime.

Option 4: A retirement income of a modified monthly amount, payable to the participant during the joint lifetime of the participant and a joint pensioner designated by him, and following the death of the participant, 100 percent of such monthly amount payable to the joint pensioner for the lifetime of the joint pensioner. In the event the joint pensioner predeceases the participant, the participant shall continue to receive the same monthly amount as payable during their joint lifetime.

Option 5: This option 5 can only be elected by those employees who were participants in the superseded plan and those employees who transferred funds from the ICMA plan to cover their past credited service cost.

If a participant is married and he or she elects a lump-sum payment of the amount transferred under the superseded plan or the amount transferred from the ICMA plan, whichever is applicable, that has a value of $3,500.00 or more and the retirement committee approves a lump-sum payment, then such election form shall provide for the spouse to approve, in writing, the receipt of a lump-sum payment by the participant.

Notwithstanding any provisions of this section to the contrary, any option, which provides a joint and survivor form of retirement payments or benefits pursuant to the forgoing provisions and which includes a joint pensioner who is not the spouse of the participant, will not be available hereunder unless the actuarial value of the benefits expected to be paid under such option to the participant during the remainder of his lifetime is at least equal to 50 percent of the actuarial value of the benefits which would be payable under the plan in the absence of such option; and further provided that if any option is a monthly income other than a joint and survivor form of retirement payments or benefits, the monthly income payable to a participant under such form shall not be less than the monthly income payable under a payments certain and life thereafter option for the earlier of 20 years or age 85.

The participant upon electing any option of this section will designate the joint pensioner or beneficiary to receive the benefit, if any, payable under the plan in the event of his death and will have the power to change such designation from time to time, but any such change shall be deemed a new election and will be subject to approval by the retirement committee. If a participant has elected an option with a joint pensioner and his retirement income payments have commenced, he may not change his designated joint pensioner.

Retirement income payments will be made under the option elected in accordance with the provisions of this section and will be subject to the following limitations:

(1)

If a participant or terminated participant dies prior to the date that his retirement income commences under the plan, no benefits will be payable under the option to any person, but benefits will be payable only as provided in sections 54-153(a)(3), (b) and (c).

(2)

If the designated beneficiary or joint pensioner dies before the date that the participant's retirement income commences under the plan, the option elected will be canceled automatically and a retirement income of the normal form and amount will be payable to the participant as if the election had not been made, unless a new election is made in accordance with the provisions of this section or unless a new beneficiary or joint pensioner is designated by the participant prior to the date that his retirement income commences under the plan and within 90 days after the death of the prior beneficiary or joint pensioner.

(3)

If both the participant and the beneficiary designated by him die after the date that the participant's retirement income commences under the plan but before the full payment has been effected under any option providing for payments for a period certain and life thereafter, made pursuant to the provisions of this section 54-154, the retirement committee may, in its discretion, direct that the single-sum value of the remaining payments be paid in a lump-sum and in accordance with section 54-160(c) hereof.

(4)

Once retirement income payments have commenced a participant may not request a change of the amount or form of payment elected.

(Ord. No. 2003-27, § 1, 7-15-03)