Common use of Optional Benefit Clause in Contracts

Optional Benefit. A member may elect to receive a reduced retirement allowance with a provision that such reduced retirement allowance or such part thereof as may be specified by the member in her/his notice of election (either 3/4, 2/3, 1/2 or 1/3) shall be continued after her/his death to her/his spouse named in such election, for so long as her/his spouse lives. The reduced retirement allowance shall be in such amount as the City deems to be the actuarial equivalent of the retirement allowance that would have been payable had not the election of this option with the City been made prior to the time at which she/he becomes eligible for retirement, provided that such written notice of election is filed three (3) years before the member becomes eligible for retirement. She/he may be required to pass a physical examination at the time of making such election. It is the intention of this option that the City’s outlay for retirement benefits shall not be increased and that the amount payable to the member and her/his spouse under the option shall be the equivalent as actuarially determined of what the member alone would have received if she/he had not elected the option. This option is also intended to be patterned after such option available in the Connecticut State Municipal Employees Retirement Fund as it existed on the effective date of this pension plan.

Optional Benefit. A member may elect to receive a reduced retirement allowance with a provision that such reduced retirement allowance or such part thereof as may be specified by the member in her/his notice of election (either 3/4, 2/3, 1/2 or 1/3) shall be continued after her/his death to her/his spouse named in such election, for so long as her/his spouse lives. The reduced retirement allowance shall be in such an amount as the City deems to be the actuarial equivalent of the retirement allowance that would have been payable had not the election of this option with the City been made prior to the time at which she/he becomes eligible for retirement, provided that such written notice of election is filed three (3) years before the member becomes eligible for retirement. She/he He may be required to pass a physical examination at the time of making such election. It is the intention of this option that the City’s outlay for retirement benefits shall not be increased and that the amount payable to the member and her/his spouse under the option shall be the equivalent as actuarially determined of what the member alone would have received if she/he had not elected the option. This option is also intended to be patterned after such option available in the Connecticut State Municipal Employees Retirement Fund as it existed on the effective date of this pension plan.