Option 2: Equal payment survivor annuity

A member may receive a reduced retirement allowance throughout his or her life with an equal sum being paid to the member’s designated beneficiary at the death of the member. If any person other than a surviving spouse is chosen as the beneficiary, the reduction shall be based on the actuarially equivalent sum. **

Option 3: One-half payment survivor annuity

A member may receive a reduced retirement allowance payable for the life of the member with one-half of the member’s benefit being paid to a designated beneficiary at the death of the member.  If any person other than a surviving spouse is chosen as the beneficiary, the reduction shall be based on the actuarially equivalent sum.  **

Option 6(a): One-half payment retiree refund

A member may elect to withdraw the sum of his or her accumulated contributions credited as of the member’s date of retirement, excluding all amounts picked up from the member’s earnable compensation and credited to the COLA fund, between June 23, 1985, and September 30, 1993.  Under this option, the member shall also receive a monthly service retirement allowance of one-half of the amount to which the member would have been entitled under this plan.  This option has no survivorship benefit.

Option 6(b): Life annuity

A member may elect to receive his or her normal monthly service retirement allowance plus an additional five percent of such service retirement allowance for the life of the member, with no survivorship benefit.  This option is only available for members eligible to retire as of September 30, 2010.

Option 6(c) Surviving spouse annuity

A member may elect to receive an unreduced normal monthly service retirement allowance and at the member’s death, 40 percent of the member’s monthly normal retirement allowance shall be paid to the surviving spouse designated at the time of retirement.  Such benefit will be payable during the lifetime of such spouse.**