1970 Ordinances - Laserfiche WebLink

Home Browse Search

Sectim~on 26-86. Optional beef its. (a)- 'Each member shall have the right at any tim~, not subsequent to the later of the effective date of the member's retirement or the date of the written notification to the board of the retirement of the me~ber, to elect to have his retirement allowance payable under any one of the options set forth in this ~ection in lieu of the retirement a]lowance other= wise payable to him upon retirement under any of the previsions of this article. The amount of any such optional ~etirem~nt allowance shal t be the actuarial equivalent of the amount of such retirement allowance other- wise payable to him. The member shall make such an election by written request to the 'board and such an election shall be subject to the approval of the board. ~ (1) Straight l~ne option. A member may elect to receive ~' in- creased retirement allowance in lieu of any death benefits as provided in Eection 26-42. · (2) Joint and last survivor option~:" The member~ may elect to re- ceive a decreased retirement allowance ~ his ~lifetime au-d have such ~ retirement allowance, or one half'thereof iz so designated continued after_ · his death to.another person during' the lifet~Lme of such perSon. In case of ~-~-£ such an electmon death benefits that might othen~ise be provided under Section 26'42 shall not be payable upon the death bf the m~mber~ . ,/f (3) Other options: Som~ other benefit or benefits shall be paid either to the member or to such perSon or perSons as he shall elect. ~ ~ (b) The election by a me, er of any one of the options stated in this sect=on shall be null and void LC_ the member dies prior to retirement, ~ the election of a m~mber of the option stated in paragraph (2) of sub- seCtion (a) of this section shall be ~,ull and V°id if the designated perSon dies before the member's retirement. (c) A member who has-elected any one of the options stated in this section may, at any time prior to the later of the effective date bf the member's retirement or the date of written noti-eication to the bosu~d of retirement of the member, revC~e such an election by ~rritten notifica- tion to the board. Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held July 28, 1970. Teste: · City Clerk