§ 16-92. Forms of benefit payments.

(a)

Forms of benefit payments. A participant who has a right to receive a pension benefit as provided in section 16-91(a) (right to pension benefits) shall automatically be paid the standard form of benefit payment unless a timely election is made to receive an optional form of benefit payment.

(b)

Standard benefits. The standard pension benefit shall be a monthly benefit payable until the participant's death.

(c)

Optional forms of benefits.

(1)

Joint and survivor annuity. This form of benefit shall provide monthly payments of a smaller amount for the life of the participant, with monthly payments continuing thereafter for the life of the participant's designated beneficiary. The monthly benefit payable to the beneficiary shall be fifty (50) per cent, sixty-six and two-thirds (66 2/3 ) per cent, seventy-five (75) per cent, or one hundred (100) per cent of the monthly benefit payable during the joint lives of the participant and the beneficiary, as elected by the participant. If payment of a pension is to be made in the form of a joint and survivor pension, the pension amount shall be adjusted so as to be actuarially equivalent to the standard benefit. The standard pension benefit shall be ten (10) years certain and life.

(2)

Life and ten-year certain annuity. Any participant may file an election to receive monthly payments for life except should the participant die before he has received retirement benefits for a period of ten (10) years, the same monthly benefit will be paid to the beneficiary or beneficiaries as designated by the participant for the balance of such ten-year period.

(3)

Any other actuarially equivalent benefit approved by the board.

(d)

Election of optional benefits. Manner of electing optional benefits - optional forms of benefit payments shall only be payable if elected prior to commencement of benefits from this pension plan. Such election must be in writing, signed by the participant, on a form provided by the board of trustees.

(e)

Revocation or change of election.

(1)

Revocation by participant. An election of a standard or optional form of benefit payment may be revoked at any time before cashing or depositing the first benefit check from this pension plan. Such a revocation must be in writing, signed by the participant.

(2)

If an election is revoked, then the standard form of benefit payment shall be paid unless another election of an optional benefit payment is timely made as provided in subsection (d) (election of optional benefits).

(3)

After benefits have commenced, a retired participant may change their designation of joint annuitant or beneficiary subject to the benefit thereafter payable being adjusted to an actuarially equivalent amount.

(f)

Notice of forms of pension benefits.

(1)

Written notice of the availability of all forms of pension benefits shall be provided to all vested participants on an annual basis.

(2)

The notice shall contain a written explanation of:

a.

the terms and conditions of the standard form of benefit; and

b.

the right to elect, and to revoke an election of, any optional form of benefit payment.

(Ord. No. 1222, § 1, 11-18-1999)