2005 Idaho Code - 59-1351 — CONVERSION OF SERVICE RETIREMENT OR EARLY RETIREMENT ALLOWANCES INTO OPTIONAL RETIREMENT ALLOWANCES -- FORM OF OPTIONAL RETIREMENT

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1351.  CONVERSION OF SERVICE RETIREMENT OR EARLY RETIREMENT ALLOWANCES
INTO OPTIONAL RETIREMENT ALLOWANCES -- FORM OF OPTIONAL RETIREMENT. (1) The
service retirement allowance, or the early retirement allowance of a member
who, at time of retirement, so elects shall be converted into an optional
retirement allowance which is the actuarial equivalent of such other
allowance. The optional retirement allowance may take one (1) of the forms
listed below and shall be in lieu of all other benefits under this chapter
except that the provisions of section 59-1361(2), Idaho Code, shall be
applicable:
    (a)  Option 1 provides a reduced retirement allowance payable during the
    lifetime of the retired member, and a continuation thereafter of such
    reduced retirement allowance during the lifetime of the member's named
    contingent annuitant.
    (b)  Option 2 provides a reduced retirement allowance payable during the
    lifetime of the retired member, and a continuation thereafter of one-half
    (1/2) of such reduced retirement allowance during the lifetime of the
    member's named contingent annuitant.
    (c)  Option 3, which is available only if the member retires before the
    date of the social security normal retirement age for that member,
    provides an increased retirement allowance until such date and a reduced
    retirement allowance thereafter, the difference between the two (2)
    amounts approximately equaling the governmental old-age benefit becoming
    payable at such date as estimated by the board.
    (d)  Option 4, which is available only if the member retires before the
    date of the social security normal retirement age for that member,
    provides either an adjusted option 1 (option 4A) or option 2 (option 4B)
    retirement allowance until such date and a reduced retirement allowance
    thereafter, the difference between the two (2) amounts approximately
    equaling the governmental old-age benefit becoming payable at such date as
    estimated by the board. The adjusted retirement allowance shall be paid to
    the retired member during the member's lifetime and the appropriate
    continuation amount of the adjusted allowance to the member's named
    contingent annuitant for life thereafter.
    (2)  Should the named contingent annuitant under option 1 or option 2
either predecease a member retiring on or after October 1, 1992, or waive all
survivor benefits pursuant to a domestic retirement order approved under
section 59-1320, Idaho Code, upon notification to the board, the member's
benefit on the first day of the month following the death of the contingent
annuitant or approval of the domestic retirement order, as applicable, will
thereafter become an allowance calculated pursuant to section 59-1342 or
59-1346, Idaho Code, whichever was applicable on the date of retirement, in
addition to any postretirement allowance adjustments which may have accrued
from that time. Should the named contingent annuitant under option 4 either
predecease the member, or waive all survivor benefits pursuant to a domestic
retirement order approved under section 59-1320, Idaho Code, upon notification
to the board, the member's benefit on the first day of the month following the
contingent annuitant's death or approval of the domestic retirement order, as
applicable will thereafter become the option 3 allowance to which the member
would have been entitled as of the date of the annuitant's death, or approval
of the domestic retirement order, as applicable. The benefit changes under
this subsection shall be available only to members whose last contribution was
made after June 30, 1992.
    (3)  Option 1 or 2 may not be chosen if initial payments of less than
twenty dollars ($20.00) per month would result.
    (4)  Application for any optional retirement allowance shall be in
writing, duly executed and filed with the board. Such application shall
contain all information required by the board, including such proofs of age as
are deemed necessary by the board.
    (5)  A retirement option elected at the time of retirement as provided for
in this section may not be changed except by written notice to the retirement
board no later than five (5) business days after the receipt of the first
retirement allowance.
    (6)  Not later than one (1) year after the marriage of a retired member,
the member may elect option 1, 2 or 4 to become effective one (1) year after
the date of such election, provided the member's spouse is named as a
contingent annuitant, and either:
    (a)  The member was not married at the time of the member's retirement; or
    (b)  The member earlier elected option 1, 2, 4A or 4B, having named the
    member's spouse as contingent annuitant, and said spouse has died or has
    waived all survivor benefits as provided in subsection (2) of this
    section. The retirement allowance to be converted in such a case is that
    currently being paid.