§ 36-10-18 - Optional benefits.
SECTION 36-10-18
§ 36-10-18 Optional benefits. – (a) A beneficiary, or, if the beneficiary be an incompetent, then thebeneficiary's spouse or domestic partner or if there is no spouse or domesticpartner, a guardian of the beneficiary's estate, may elect to receive thebenefit in a retirement allowance, payable throughout life, or the beneficiarymay then elect to receive the actuarial equivalent, at that time, of thebeneficiary's retirement allowance in a lesser retirement allowance asdetermined by actuarial calculation, which shall be payable throughout lifewith the provision that:
(1) Option 1. Upon the beneficiary's death, thebeneficiary's lesser retirement allowance shall be continued throughout thelife of and paid to such person having an insurable interest in thebeneficiary's life, as the beneficiary, the beneficiary's spouse or domesticpartner, or the beneficiary's guardian so electing, shall nominate by writtendesignation duly acknowledged and filed with the retirement board at the timeof his or her retirement.
(2) Option 2. Upon the beneficiary's death, one-half(1/2) of the beneficiary's lesser retirement allowance shall be continuedthroughout the life of and paid to such person, having an insurable interest inthe beneficiary's life, as the beneficiary, the beneficiary's spouse ordomestic partner, or the beneficiary's guardian so electing, shall nominate bywritten designation duly acknowledged and filed with the retirement board atthe time of the beneficiary's retirement.
(b) For purposes of any election under this section or §36-10-19.1, the member, member's spouse or domestic partner, or guardian, asthe case may be, may designate more than one person to receive benefits afterthe member's death, provided that the designation shall specify the portion ofthe actuarial equivalent of the member's retirement allowance to be paid toeach person, and provided further that the aggregate actuarial value of theportions shall not exceed the actuarial equivalent of the member's retirementbenefit determined:
(i) In the case of an election under this section) as of thedate of the member's retirement; or
(ii) In the case of an election under § 36-10-19.1 as ofthe member's date of death.
(2) A member selecting more than one person to receivebenefits under this section or § 36-10-19.1 may only select beneficiariesfrom among his or her children, adopted children, step-children, and/or spouseor domestic partner.