Ordinance 3023 - Laserfiche WebLink

OPTION B. The lesser retirement allowance shall be pay- able to a member throughout his life , provided , that if he dies before he receives in annuity payments referred to in Paragraph 1 of Subdivision (a ) of Section 14, a total amount equal to the amount of his accumulated contributions at the date of his retirement, the said annuity payments resulting from his accumulated con- tributions shall be continued and paid to his estate or to such person having an insurable interest in his life as he shall nomina e by written design..- tion duly executed end filed with the Board, until the total amount of annuity payments shall equal the amount of his accumulated contributions as it was at the date of his retirement. OPTION C. The member may elect a "Guaranteed Period ' of any number of years. if he dies before the lesser retirement allowance has been paid to him for the number of years elected by him as the "Guaranteed Period," the lesser retirement allowance shall be continued to the end of the "Guaranteed Period" , and during such continuation shall be paid to his estate or to such person ha ving an insurable interest in his life as he shall nomina e by written designation duly executed and filed with the Board. OPTION D. the lesser retirement allowance shall be payable to the member throughout life , and after the death of the member one-h::lf of the lesser retirement allowance shall be con- tinued throughout the life of and paid to the wife or husband of the member , provided said wife or husband held such relationship at the time of retirement, End was designated by the member at or before that time Es the beneficiary under this option. CPTiuv The lesser retirement allowance shall be payable to the member throughout life , and after death of the member, it shall be continued throughout the life of and paid to the wife or husband of the member, provided said wife or husband held such relationship at the time of retirement and was designated by the member at or before that time ES the beneficiary under this option. Section 19: te3on the death of any person who has not been retired, pursuant to t Le provisions of this Ordinance, there shall be pair to his estate or to such person having an insurable interest in his life as he shall have nominated by written designation duly executed and filed with the Board, his accumulates contributions less any payments therefrom already made to him, if ny. `section %0: A pension, annuity or a retirement ellowE nce granted under the provisions of this Ordinance , unless otherwise specified herein, shall be payable in monthly install- ments, the first shah installment being payable one month after retirement and subse uent installments monthly thereafter during the lifetime of the retired member, under the conditions provided. -15-