§ 43-55B. Optional forms of benefit payments.

(a)

Rules governing election of optional forms.

(1)

The board of trustees may prescribe uniform rules, procedures and forms, consistent with the provisions of this article, respecting participant elections of optional forms of benefit and respecting revocations of changes of such elections.

(2)

The participant's election of an optional form of benefit and designation of any beneficiary under such optional form of benefit must be made prior to the annuity start date; however, if a designated beneficiary predeceases the participant after the annuity start date, the participant may designate another beneficiary and the participant's benefit shall be adjusted accordingly. The participant's revocation or change of such election or designation shall be made prior to the annuity start date.

(3)

All participant's who terminate for any reason and are entitled to receive a deferred benefit must make an election of beneficiary, or revocation or change of such election or designation, prior to the date the participant’ s employment ceases; however, the designation of beneficiary can be changed thereafter by the participant in accordance with the procedures herein. Provisions relating to the beneficiary are specified in section 43-55A.

(4)

An optional form of benefit may be elected for normal and delayed retirement benefits.

(b)

Normal and optional forms of benefit. The normal form of benefit, which is the accrued retirement benefit defined in section 43-53 is payable to age 65 for life prior to retirement and upon written request to the board of trustees, a participant may elect one of the following actuarially equivalent optional forms of benefit:

(1)

Option A - Straight life option: A reduced monthly pension payable for the participant's life with payments discontinued upon the participant's death (without 120 months payment guaranteed).

(2)

Option B - Lump sum option: A lump sum payment of the firefighter's benefit. No further benefits are payable.

(3)

Option C - Joint and survivor: A reduced monthly pension payable for the participant's life with 50 percent, 75 percent, or 100 percent continued at the participant's death to the participant's beneficiary.

Once a choice as to a form of retirement benefit and designation of beneficiary is made and accepted by the board of trustees, it cannot be rescinded by the participant without the written consent of the board of trustees, conditioned upon satisfactory evidence of the participant's and beneficiary's good health. In no event shall the consent of a beneficiary's spouse be required, other than the spouse of one year or more, as a condition to the right of a participant to revoke or change any option or designation of beneficiary previously elected. The minimum payment, under all payment forms is accumulated firefighter contributions.

(Ord. No. 2891, § 6, 10-13-98)