Fort Walton Beach Council agenda — 02-22-11 regular — reading text

V overage of previously -paid pension benefits as a result of said recalculations. Each request for a change will be made in writing on a form prepared by the Board of Trustees and on completion will a be filed with the Board of Trustees. In the event that no designated beneficiary survives the Firefighter, such benefits as are payable in the event of the death of the Firefighter subsequent to his retirement shall be paid as provided in Section 11. 5. Retirement income payments shall be. made under the option elected in accordance with the provisions of this Section and shall be subject to the following limitations: A. If a Firefighter dies prior to his normal retirement date or early retirement date, whichever first occurs, no retirement benefit will be payable under the option to any person, but the benefits, if any, will be determined under Section 7. Page 16 of 53 Pages  B. If the designated beneficiary (or beneficiaries) or joint pensioner dies before the Firefighter' s retirement under the Plan, the option elected will be canceled automatically and a retirement income of the normal form and amount will be payable to the Firefighter upon his retirement as if the election had not been made, unless a new election is made in accordance with the provisions of this Section or a new beneficiary is designated by the Firefighter prior to his retirement and within ninety (90) days after the death of the beneficiary. C. Ifboth the retired Firefighter and the beneficiary (or beneficiaries) designated by Member die before the full payment has been effected under any option providing for payments for a period certain and life thereafter, made pursuant to the provisions of Subsection 1, the Board of Trustees may, in its discretion, direct that the commuted value of the remaining payments be paid C in a lump sum and in accordance with Section 11. M a C D. If a Firefighter continues beyond his normal retirement date pursuant to the 0 y provisions of Section 6, subsection 1, and dies prior to his actual retirement C and while an option made pursuant to the provisions of this Section is in as a effect, monthly retirement income payments will be made, or a retirement UL U. benefit will be paid, under the option to a beneficiary ( or beneficiaries) designated by the Firefighter in the amount or amounts computed as if the C a) Firefighter had retired under the option on the date on which his death E M occurred. 0 ti E. The Member's benefit under this Section must begin to be distributed to the M CO Member no later than April 1 of the calendar year following the later of the calendar year in which the Member attains age seventy and one -half (701/2) or the calendar vear in which the Member terminates employment with the M C L O 6. A Firefighter may not change his retirement option after the date of cashing or depositing his first retirement check. T r 7. Notwithstanding anything herein to the contrary, the Board in its discretion, may elect ti to make a lump sum payment to a Member or a Member's Beneficiary in the event that the total M CO commuted value of the monthly income payments to be paid do not exceed one thousand dollars S 1, 000). Any such payment made to any person pursuant to the power and discretion conferred O upon the Board by the preceding sentence shall operate as a complete discharge of all obligations under the Svstem with regard to such Member and shall not be subiect to review by anyone, but shall C a> conciuszve E s 0 SECTION 11. BENEFICIARIES. cc 40 a 1. Each Member or Retiree may, on a form provided for that purpose, signed and filed with the Board-ofTrustees, designate a Beneficiary (or Beneficiaries) to receive the benefit, if any, which may be payable in the event of his death. = d Each designation may be revoked or changed by such Member or Retiree by signing and filing with the Board offruste anew designation -of- beneficiary form. Upon such change, the rights of all previously designated Beneficiaries to receive any benefits under the System shall cease. 2. If a deceased Member or Retiree fails to name a Beneficiary in the manner prescribed in subsection 1, or if the Beneficiary (or Beneficiaries) named by a deceased Member or Retiree predecease the Member or Retiree, the death benefit, if any, which may be payable under the Plan with respect to such deceased Member or Retiree may shall be paid, in the discretion of the Board Page 17 of 53 Pages of to the estate of the Member or Retiree and the Board, in its discretion, may rust___, _:`'____ `_: direct that the commuted value of the remaining monthly income benefits be paid in a lump sum. 0 lR 7rli1: 1 i: Jti. rl•1il•l:lrl i li liilrl t: ltlrl l 11•Jltb 3. Any payment made to any person pursuant to this Section shall operate as a complete ge of all obligations under the System with regard to the deceased Member and any other with rights under the System and shall not be subject to review by anyone but shall be final, and conclusive on all persons ever interested hereunder. SECTION 12. CLAIMS PROCEDURES BEFORE THE BOA-RD. cc aa aa CC 00 yy CC dd aa LLLL