§ 4. Optional forms of benefits.

Each Member entitled to a retirement benefit shall have the right, at any time prior to the date on which benefit payments begin, to elect to have his benefit payable under any of the options hereinafter set forth in lieu of the benefits provided herein, and to revoke any such elections and make a new election at any time prior to the actual commencement of payments. The value of payable optional benefits shall be actuarially equivalent to the value of benefits otherwise payable, and the present value of payments to the retiring Member must be at least equal to fifty (50) percent of the total present value of payments to the retiring Member and his beneficiary. The Member shall make such an election by written request to the Board, such request being retained in the Board's files.

Option 1, Joint and last survivor option. The Member may elect to receive a benefit during his lifetime and have such benefit (or designated fraction thereof, for example, 100%, 75%, 66 2/3 % or 50%) continued after his death to and during the lifetime of his beneficiary. The election of Option 1 shall be null and void if the designated beneficiary dies before the Member's benefit payments commence. Notwithstanding any other provision of this section, a retired member may change his or her designation of joint annuitant or beneficiary up to two times as provided in [F.S.] s. [§] 185.341 without the approval of the board of trustees or the current joint annuitant or beneficiary. The retiree is not required to provide proof of the good health of the joint annuitant or beneficiary being removed, and the joint annuitant or beneficiary being removed need not be living. Any retired member who desires to change his or her joint annuitant or beneficiary shall file with the board of trustees a notarized notice of such change. Upon receipt of a completed change of joint annuitant form or such other notice, the board of trustees shall adjust the member's monthly benefit by the application of actuarial tables and calculations developed to ensure that the benefit paid is the actuarial equivalent of the present value of the member's current benefit and there is no impact to the Plan. The beneficiary or joint annuitant being removed will be assumed to be deceased by the actuary in determining the actuarially equivalent amount of the revised monthly payment. No retiree's current benefits shall be increased as a result of the change of beneficiary.

Option 2, Life annuity. The Member may elect to receive an increased benefit payable for life only, and ceasing upon death.

Option 3, Other. In lieu of the other optional forms enumerated in this section, benefits may be paid in any form approved by the Board so long as actuarial equivalence with the benefits otherwise payable is maintained.

(Ord. No. 18-99, § 8, 12-7-1999; Ord. No. 11-00, § 1, 3-4-2000; Ord. No. 10-03, 9-16-2003; Ord. No. 06-10, 5-18-2010)