A member may choose a lifetime retirement allowance or a reduced lifetime allowance with optional survivor-style benefits, subject to stated conditions.
§2076. Optional allowances With the provision that no optional selection shall be effective in case a beneficiary dies within thirty days after retirement, and that such a beneficiary shall be considered as an active member at the time of death, until the first payment on account of any benefit becomes normally due, any member may elect to receive his benefit in a retirement allowance payable throughout life, or the member may elect to receive the actuarial equivalent at that time of his retirement allowance in a reduced retirement allowance payable throughout life with the provision that: Option 1. If the member dies before the member has received in annuity payments the present value of his annuity as it was at the time of his retirement, the balance shall be paid to his legal representatives or to such person as the member shall nominate by written designation duly acknowledged and filed with the board of trustees. Option 2. Upon his death, his reduced retirement allowance shall be continued throughout the life of and paid to the person who is his spouse at the time of his retirement. Option 3. Upon his death, one-half of his reduced retirement allowance shall be continued throughout the life of and paid to the person who is his spouse at the time of his retirement. Option 4. Some other benefit or benefits shall be paid either to the member or to such person or persons as the member shall nominate, provided that such other benefit or benefits, together with the reduced retirement allowance, shall be certified by the actuary to be of equivalent actuarial value to his retirement allowance and approved by the board of trustees. Acts 1954, No. 215, §5(7); Redesignated from R.S. 18:1737 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2024, No. 29, §1, eff. May 13, 2024.