Sec. 10-183j. Benefit options. Period certain. Coparticipant's option.
Sec. 10-183j. Benefit options. Period certain. Coparticipant's option. (a) In lieu
of a normal, early, proratable or deferred vested benefit, a member may elect either of
the options described in subsections (b) and (c) of this section.
(b) A period certain option may be elected in which the member receives an actuarially reduced benefit for a fixed period of time selected by such member and for the
remainder of such member's life. Such member may select a fixed period of twenty-five years or such shorter period as the board may offer. If such member dies before
receiving the benefit for the selected period, such benefit shall be paid to the member's
designated beneficiary for the remainder of such period.
(c) A coparticipant's option may be elected in which the member receives an actuarially reduced benefit as provided in subsection (d) of this section and upon such member's
death, one-third, one-half, two-thirds, three-fourths or all of such amount is paid to such
member's designated beneficiary for life. With respect to any benefits which become
effective on or after January 1, 2001, if twenty-five per cent of the aggregate benefits
paid to the member or such member's designated beneficiary are, upon the death of
such member or such designated beneficiary, less than such member's accumulated
contributions plus credited interest, the estate of such member or such designated beneficiary, as appropriate, shall be paid a lump sum amount equal to the difference between
such aggregate benefits paid and such accumulated contributions plus credited interest.
(d) The benefits payable to such member and such coparticipant shall be computed
as follows:
(1) The benefit payable to such member at retirement and to such coparticipant upon
such member's death shall be the actuarial equivalent of the normal, early, proratable or
disability benefit for which such member is eligible and based upon such member's age
at retirement and the age of such coparticipant on such retirement date.
(2) The benefit payable to such coparticipant of such member who dies after such
option first becomes effective but before retirement shall be the actuarial equivalent of
the normal, early or proratable benefit for which such member was eligible based on
such member's age at death and the age of such coparticipant on such date of death.
(3) The benefit payable to a member whose designated coparticipant dies or is divorced from the member after the effective date of the option but before the retirement
or death of such member shall be the normal, early, proratable or disability benefit for
which the member is eligible. A coparticipant option shall be terminated, for any member
whose designated coparticipant dies or is divorced from the member after the member's
retirement, on the date of such death or divorce. Such member shall thereupon be paid
the normal, early, proratable or disability benefit for which the member is eligible.
(P.A. 78-208, S. 9, 35; P.A. 82-229, S. 1, 2; 82-401, S. 2, 5; P.A. 83-315, S. 1, 2; 83-449, S. 2, 5; P.A. 98-251, S. 3, 7;
P.A. 00-187, S. 64, 75.)
History: P.A. 82-229 amended Subsec. (d) to provide that in the event of the death of a designated coparticipant or the
divorce of a designated coparticipant from the member prior to retirement or death of member, but after effective date of
option, no reduction in member's benefit will be made, and to provide that coparticipant's death or divorce from member,
after member's retirement, terminates option without penalty to member; P.A. 82-401 amended Subsec. (d) to provide for
computation of benefit based on eligibility and age of member and coparticipant at the date of the member's retirement
or death and not the date on which the option becomes effective; P.A. 83-315 amended Subsec. (c) to change the effective
date of the option from three years to one year after the filing of such election or evidence of good health is submitted;
P.A. 83-449 amended Subsec. (a) to repeal provision that in lieu of a "disability" benefit, a member may elect either of
options in Subsecs. (b) and (c); P.A. 98-251 amended Subsec. (c) to delete provisions that specifying that only member's
spouse, dependent parent, brother or sister may be designated as coparticipant, that option shall not become effective until
one year after filing of such election or evidence of good health is submitted, that if member dies or member's application
for retirement becomes effective before effective date of option, such option will not become effective and that if member
dies after effective date of such election, but before retirement, option will be effective only if member at time of his death
fulfilled age and service requirements for normal, early or proratable benefits, effective June 8, 1998; P.A. 00-187 amended
Subsec. (c) to add provision concerning lump sum payments, effective July 1, 2000.