San Jose Municipal Code Part 19 Optional Settlements

In lieu of the retirement allowance for his life alone, a member or retired member may elect, or revoke or change a previous election prior to the previous election, to have the actuarial equivalent of his 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 Part 19.

(Prior code § 2904.146.)

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 retired or retires before February 1, 1965, and died or dies after retirement but within thirty days from the date upon which his election or changed election is received at the office of this system, his election is of no effect, and his death shall be considered as that of a member before retirement unless the board, upon its determination that the election would have been received at the office of this system more than thirty days prior to the death but for circumstances not within the control of the member and not based upon any consideration of health, family relationship or other consideration personal to the member, accepts the election. If, however, the member retired or retires on or after February 1, 1965, his subsequent death, regardless of how soon it occurs after his retirement or after his election or after receipt of his election shall not affect his prior election, and his death shall be deemed to have occurred after his retirement.

(Prior code § 2904.147.)

Optional settlement one consists of the right to have a retirement allowance paid such member until his death and if he dies before he receives in annuity payments the amount of his accumulated contributions at retirement, to have the balance at death paid to his beneficiary or estate.

(Prior code § 2904.148.)

Optional settlement two consists of the right to have a retirement allowance paid him until his death and thereafter to his beneficiary for life.

(Prior code § 2904.149.)

Optional settlement three consists of the right to have a retirement allowance paid him until his death and thereafter to have one-half of his retirement allowance paid to his beneficiary for life.

(Prior code § 2904.150.)

Optional settlement four consists of such other benefits as are the actuarial equivalent of his retirement allowance, that he may select subject to the approval of the board. However, the actuarial equivalent of benefits under this optional settlement payable to the member's beneficiary shall not exceed the actuarial equivalent of the benefits which would be payable to that beneficiary if the member had elected optional settlement two.

(Prior code § 2904.151.)