Sec. 5-192q. Optional forms of retirement income.
Sec. 5-192q. Optional forms of retirement income. (a) A member of tier II may
elect one of the following optional forms for retirement income by filing with the Retirement Commission a written election on a form provided by the commission. A member
who has been married at least one year will be presumed to elect the option offered under
subdivision (1) of this subsection unless a contrary election is made by the member. All
other members will be presumed to elect the option offered under subdivision (4) of
this subsection unless a contrary election is made by the member. Any election or change
of election must be filed before retirement income payments begin. No option shall be
effective until a member has retired, and in the event a member dies prior to the date
benefits would have commenced, any election of an option shall be deemed cancelled
except as provided in subsection (c) of section 5-192r. The amount of income that will
be paid under the options will be determined by multiplying the retirement income as
determined under sections 5-192l to 5-192p, inclusive, as applicable, by the actuarially
equivalent option factors last adopted by the Retirement Commission. Such factors shall
be identical to those provided under section 5-165 unless the Retirement Commission
shall determine otherwise. The factors may be periodically adjusted upward or downward by the Retirement Commission to reflect changing interest, mortality, or election
of option patterns, provided that they shall be reviewed and adjusted by January 1, 1985.
Any such changes shall apply only to members whose benefits commence after the
effective date of adoption of such factors. The retirement options are as follows: (1) A
reduced amount payable to the member for his lifetime, with the provision that after his
death his spouse, if surviving, shall be entitled to receive a lifetime income equal to fifty
per cent of the reduced monthly amount payable to the member; (2) a reduced amount
payable to the member for his lifetime, with the provision that after his death, his contingent annuitant shall be entitled to receive a lifetime income equal to either fifty or one
hundred per cent of the reduced amount payable to the member; (3) a reduced amount
payable to the member for his lifetime, with the provision that if he shall die within
either a ten or twenty-year period following the date his retirement income commences,
whichever is selected by the member, the reduced amount continues to his contingent
annuitant for the balance of the ten or twenty-year period, respectively; or (4) an amount
payable to the member for his lifetime, with no payments continuing after the member's
death.
(b) Notwithstanding the provisions of subsection (a) of this section, a temporary
minimum shall apply whenever the Retirement Commission adopts revised factors
which could result in a smaller benefit to a member than would have been payable under
the previously existing factors. Such minimum shall be determined as follows: (1) The
benefit the member had earned as of the date of the change in factors shall be calculated,
based on his final average earnings and credited service or based on his vesting service
as of that date; (2) any early retirement reduction in such benefit shall be based upon
his age as determined on the date benefits will commence, and his type of retirement;
and (3) the option factor shall be determined utilizing the factors in effect prior to such
change, but based on appropriate ages as of the date benefits will commence. If such
minimum results in a larger benefit, the larger benefit shall be payable.
(P.A. 83-533, S. 33, 54.)