411.6A - OPTIONAL RETIREMENT BENEFITS.

        411.6A  OPTIONAL RETIREMENT BENEFITS.         1.  In lieu of the payment of a service retirement allowance under      section 411.6, subsection 2, and the payment of a pension to the      spouse of a deceased pensioned member under section 411.6, subsection      11, a member may select an option provided under this section.  The      board of trustees shall adopt rules under section 411.5, subsection      3, providing the optional forms of payment that may be selected by      the member.  The optional forms of payment may provide adjustments to      the amount of the retirement allowance paid to the member, may alter      the pension amount and period of payment to the member's spouse after      the death of the member, and may provide for payments to a designated      recipient other than the member's spouse for a designated period of      time or an unlimited period of time.         2.  Prior to the member's retirement and as a part of the      application for a service retirement allowance, the member shall      elect, in writing, either the benefits provided under section 411.6,      subsections 2 and 11, or one of the optional forms adopted by the      board of trustees.  If the member is married at the time of      application and the member elects an optional form, the member's      spouse must consent in writing to the optional form selected and to      the receipt of payments to a designated recipient, if applicable.      Upon acceptance by a member of an initial retirement benefit paid in      accordance with the election under this section, the election of the      member is irrevocable.         3.  The optional forms of payment determined by the board of      trustees under this section, shall be the actuarial equivalent of the      amount of retirement benefits payable to the member and the member's      spouse pursuant to section 411.6, subsections 2 and 11.  The      actuarial equivalent shall be based upon the actuarial assumptions      adopted for this purpose pursuant to section 411.5.  Election of an      optional form adopted by the board of trustees shall not affect the      benefits, if any, payable to the member's child or children pursuant      to section 411.6, subsection 11.         4.  Optional benefits shall be adjusted annually in a manner      consistent with that provided in section 411.6, subsection 12.      However, if the member has selected a designated recipient other than      the member's spouse, the designated recipient shall be deemed to be      the member's surviving spouse for the purpose of calculating the      annual adjustment in the manner provided in section 411.6, subsection      12.  
         Section History: Recent Form
         90 Acts, ch 1240, § 67; 92 Acts, ch 1201, § 69; 93 Acts, ch 44, §      18         Referred to in § 411.6C