§ 45-21-51.1 - Optional annuity protection – Election of option by member.
SECTION 45-21-51.1
§ 45-21-51.1 Optional annuity protection– Election of option by member. – (a) Upon death of a member having at least ten (10) years of membershipservice, the spouse or domestic partner of the member has the option to electto receive option one as provided in § 45-21-30 in lieu of a return ofcontributions, provided the spouse or domestic partner is the designatedbeneficiary of the member's retirement account. The election is based upon theamount of retirement allowance or actuarial equivalent that may accrue at thedate of death of the member.
(b) The election under option one for a person other than thespouse of the member may be made by the member, while in service; provided,that the member has at least ten (10) years of membership service and beforeretirement, on a form prescribed by the retirement board. The election is basedupon the amount of retirement allowances or actuarial equivalents that mayaccrue at the date of death of the member; provided, that the election form isexecuted and filed with the retirement board prior to the date of death. Theelection may be revoked or modified by the member at any time prior to the dateof retirement, on a form prescribed by the retirement board.
(c) Upon the death of a member, the option becomes effectivethirty (30) days after the first day of the next calendar month following thedate of death of the member if death occurs while in an employee status. Shoulddeath occur while in an inactive member status, the option under this sectionbecomes payable on the first day of the next succeeding month that in which thedesignated beneficiary attains the age of sixty (60) years.