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Title 03
Chapter 03.05
Section 03.05.210
 

Title 03 Administration and Personnel

Chapter 03.05 Spokane Employees' Retirement System

Section 03.05.210 Optional Allowance on Retirement

A member may elect to receive, in lieu of the retirement allowance, as provided for in SMC 3.05.160, SMC 3.05.165, SMC 3.05.166 or SMC 3.05.167, its actuarial equivalent in the form of a lesser retirement allowance, payable in accordance with the terms and conditions of one of the options set forth below. Election of any option must be made by written application filed with the retirement system and does not become effective unless approved by the board.

  1. Option A.
    The lesser retirement allowance will be payable to the member throughout the member’s life, provided that if the member dies before the member receives in annuity payments referred to in SMC 3.05.160(A)(1), SMC 3.05.165(A)(1), SMC 3.05.166(A)(1) or SMC 3.05.167(A)(1) a total amount equal to the amount of accumulated contributions as it was at the date of retirement, the balance of such accumulated contributions will be paid in one sum to the member’s estate or to such person as the member shall nominate by written designation duly executed and filed with the retirement system. 

  2. Option B.
    The lesser retirement allowance will be payable to the member throughout the member’s life, provided that if the member dies before the member receives in annuity payments referred to in SMC 3.05.160(A)(1)SMC 3.05.165(A)(1), SMC 3.05.166(A)(1) or SMC 3.05.167(A)(1) a total amount equal to the amount of accumulated contributions as it was at the date of retirement, the said annuity payments resulting from accumulated contributions will be continued and paid to the member’s estate or such person as the member shall nominate by written designation duly executed and filed with the retirement system, until the total amount of annuity payments shall equal the amount of accumulated contributions as it was at the date of retirement.

  3. Option C.
    The member elects a “guaranteed period” of any number of years. If the member dies before the lesser retirement allowance has been paid for the number of years elected as the “guaranteed period,” the lesser retirement allowance will be continued to the end of the “guaranteed period,” and during such continuation be paid to the member’s estate or to such person as the member shall nominate by written designation duly executed and filed with the retirement system.

  4. Option D.
    The lesser retirement allowance will be payable to the member throughout life and, after the death of the member, one-half of the lesser retirement allowance shall be continued throughout the life of, and paid to, the spouse of the member, named at time of retirement, if surviving.

  5. Option E.
    The lesser retirement allowance will be payable to the member throughout life, and after death of the member, it shall be continued throughout the life of, and paid to, the spouse of the member named at time of retirement, if surviving.

Once the form of payment in which the member’s benefit has become effective (i.e., in either the retirement allowance as provided for in SMC 3.05.160, SMC 3.05.165, SMC 3.05.166 or SMC 3.05.167 or one of the five optional forms of benefit provided for above), the form in which that member’s benefit is payable is irrevocable and cannot thereafter be changed at any time or for any reason.

Date Passed: Monday, January 8, 2018

Effective Date: Wednesday, February 21, 2018

ORD C35574 Section 18