1977 Ordinances - Laserfiche WebLink

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(1) Joint and Last Survivor option. The member may elect to receive a decreased retirement allowance during his lifetime and havir~ such decreased ~llowance, or a designated frachion thereof, continued after his death to his spouse during the subsequent lifetime of such spouse, provided, however, that if the rmmpl~_r's retiremaent is for ~- ability, the election of the retirement allowance to be continued after the mamber's death shall be limited to a maxi~mn of one-half of the decreased retirement allowance received by the member during his lifetime. (2) Ohher options. The member may elect sc~e other combination of benefits to the rmmnt~r and/or to such other beneficiary or beneficiaries as the r0enlber shall designate, provided, however, that if the member's retirement is for disability, the election of the retirement allowance to be con~Jnued after the member's death should be limited to a maximum of one-half of the decreased rehirem~nt allowance received by the m~nber during his lifetir~. ~) The election by a member of any one of the options stated in this section shall be null and void if the member dies prior to retirement, and the election by a rm~nber Of the joint and last survivor option shall be null and void if the designated beneficiary dies before the member has retired. (c) A member ~ao has elected any one of the options shared in th_is section may, at any time prior to the later of the effective date of the msmber's retir~nent or the date of written notification to the board of retirement of the member, revoke such an election by written notification to the board. 2. This ordinance shall take effect frcm July 26, 1977. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held September 13, 1977. Teste: City Clerk