Sacramento Municipal Code Art. XV Optional Allowances Upon Retirement for Members Under Articles III and IV

In lieu of the retirement allowance for his or her life alone, a member or retired member under Article III or IV of this chapter may elect or revoke or change a previous election prior to the approval of the previous election to have the actuarial equivalent of his or her retirement allowance as of the date of retirement applied to a lesser retirement allowance, in accordance with one of the optional settlements specified in this article. (Prior code § 34.15.1500)

Such election or revocation or change thereof, with respect to members under Article IV of this chapter, shall apply to all of the retirement allowance, if, at the effective date of retirement for service or for industrial disability, such member has no spouse, children or dependent parents who would qualify for continuance of the allowance after the death of such member; or, if at retirement such member has a spouse, children, or dependent parents who would so qualify, then such election, or revocation, or change thereof shall apply only to the portion of the allowance which would not be continued after the member's death, regardless of dependents. (Prior code § 34.15.1501)

Such election, revocation or change of election shall be made prior to the making of the first payment on account of any retirement allowance. If the member dies after the effective date of retirement, and with respect to Option 1, after his or her retirement has been approved, and within thirty (30) days from the date upon which his or her election or changed election is made, his or her election is of no effect and if no part of the allowance of the member is automatically continued by this chapter, after his or her death and regardless of election as to options, his or her death shall be considered as that of a member before retirement. (Prior code § 34.15.1502)

The optional settlements provided for in this chapter are as follows:

Option 1: If he or she dies before he or she receives in lesser annuity payments the amount of his or her accumulated contributions as it was at his or her retirement, the balance of such accumulated contributions shall be paid in his or her estate or to such person, having an insurable interest in his or her life, as he or she shall nominate by written designation duly executed and filed with the retirement system manager; or

Option 2: Upon his or her death, his or her lesser retirement allowance shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall nominate by written designation duly executed and filed with the retirement system manager at the time of his or her retirement; or

Option 3: Upon his or her death, one-half of his or her lesser retirement allowance shall be continued throughout the life of and paid to such person having an insurable interest in his or her life as he or she shall nominate by written designation duly executed and filed with the retirement system manager at the time of his or her retirement. (Prior code § 34.15.1503)