Fort Walton Beach Council agenda — 02-08-11 regular — reading text

401( a)( 9)- 61 C. If a Member retires prior to the time at which social security benefits are C payable, he may elect to receive an increased retirement benefit until such M time as social security benefits shall be assumed to commence and a reduced a c benefit thereafter in order to provide, to as great an extent as possible, a more 0 level retirement allowance during the entire period of retirement. The N C amounts payable shall be as recommended by the actuaries for the system, as a based upon the social security law in effect at the time of the Member's U. retirement. U. 0 a 2. The Member, upon electing any option of this Section, will designate the joint E pensioner or beneficiary (or beneficiaries) to receive the benefit, if any, payable under the Plan in M 0 the event of the Member's death, and will have the power to change such designation from time to r. time. Such designation will name a joint pensioner or one or more primary beneficiaries where M co applicable. A Member may change his Beneficiary at any time. If a Member has elected an option with aj oint pensioner or beneficiary and the Member's retirement income benefits have commenced, U D the Member may thereafter change his designated joint pensioner or beneficiary, but only if the Board consents to such change; provided however, in no event may a Member change his or her V joint pensioner or designated beneficiary more than twice after retirement benefits have commenced. L O In the absence of proof of good health of the joint pensioner being replaced, the actuary will assume that the joint pensioner has deceased for purposes of calculating the new payment. T r 3. The consent of a Firefighter's joint pensioner or beneficiary to any such change shall ti not be required. The rights of all previously -designated beneficiaries to receive benefits under the co Plan shall thereupon cease. L 4. Upon change of a Member's beneficiary or joint pensioner in accordance with this O section, the Board shall adjust the Member's monthly benefit by application of actuarial calculations C a) to insure that the benefit paid is the actuarial equivalent of the Member's then -current benefit. Any E such Member shall pay the actuarial recalculation expenses and shall make repayment of any z 0 overage of previously -paid pension benefits as a result of said recalculations. Each request for a M change will be made in writing on a form prepared by the Board of Trustees and on completion will 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 in a lump sum and in accordance with Section 11. D. If a Firefighter continues beyond his normal retirement date pursuant to the provisions of Section 6, subsection 1, and dies prior to his actual retirement and while an option made pursuant to the provisions of this Section is in effect, monthly retirement income payments will be made, or a retirement 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 Firefighter had retired under the option on the date on which his death occurred. E. The Member's benefit under this Section must begin to be distributed to the 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 (70'/ 2) or the calendar year in which the Member terminates employment with the 9tv 6. A Firefighter may not change his retirement option after the date of cashing or depositing his first retirement check. 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 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 0 upon the Board by the preceding sentence shall operate as a complete discharge of all obligations under the System with regard to such Member and shall not be subject to review by anyone, but shall c a be final, binding and conclusive on all persons. E s SECTION al. BENEFICIARIES. at 1. Each Member or Retiree inay, on a form provided for that purpose, signed and filed with the Board-of+.,asiees, 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 Boar of Trustees-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 map shall be paid, in the diseretion of the Board Page 17 of 53 Pages of Tmstees' either ter- to the estate of the Member or Retiree and the Board, in its discretion, may direct that the commuted value of the remaining monthly income benefits be paid in a lump sum. nar ri i iiy 1: K caerrs: r• i: ra:L rr+: a ii•r nl:..a : 3. Any payment made to any person pursuant to this Section shall operate as a complete discharge of all obligations under the System with regard to the deceased Member and any other persons with rights under the System and shall not be subject to review by anyone but shall be final, binding and conclusive on all persons ever interested hereunder. SECTION 12. CLAIMS PROCEDURES aa ff any Meniber of the Plan has been. CC