2005 Idaho Code - 72-1434 — OPTIONAL PENSION AMOUNTS -- OPTION I AND OPTION II

                                  TITLE  72
                      WORKER'S COMPENSATION AND RELATED
                        LAWS -- INDUSTRIAL COMMISSION
                                  CHAPTER 14
                          FIREMEN'S RETIREMENT FUND
    72-1434.  OPTIONAL PENSION AMOUNTS -- OPTION I AND OPTION II. Prior to
July 1, 1976, but not thereafter, any paid firefighter in this state, as
defined in subsection (A) of section 72-1403, Idaho Code, may elect to receive
his or her retirement benefits in accordance with the provisions of Option I
or Option II as hereinafter set forth. Except as otherwise provided in this
chapter, in the event a firefighter fails to elect an option prior to July 1,
l976, then his or her pension benefits shall be paid to him under the
provisions as set forth in Option I. Selection of option shall be nominated by
written designation duly executed and filed with the public employee
retirement system board. Any paid firefighter employed in the state by a city
or fire district, on or after July 1, l976, shall be employed under the
provisions as set forth in Option II; provided however, that any paid
firefighter employed on or after July 1, 1976, who has consistently been
treated as an Option I firefighter for contribution purposes may, prior to
retirement, make an election to select either Option I or Option II; provided
further, that any such paid firefighter who selects Option II shall, prior to
retirement, pay any additional required employee contributions and the
firefighter's employer shall pay any additional required employer
contributions, as determined by the board.
    (1)  OPTION I -- On or after July 1, 1976, any employed paid firefighter,
as defined in subsection (A) of section 72-1403, Idaho Code, electing this
option or failing to nominate an option, after payment of the contribution, as
set forth in section 72-1431, Idaho Code, and after completion of years active
service, as defined in subsection (H) of section 72-1403, Idaho Code, may at
his or her option retire, and in the event of such retirement said firefighter
shall be paid from the public employee retirement account a monthly sum during
the remainder of his life equal to the percentage of the average paid
firefighter's salary or wage in this state, as defined in section 72-1431,
Idaho Code, and that said firefighter is entitled to under the provisions of
this chapter, which said monthly sum shall vary annually, according to the
determination of the cost of living adjustment as set forth in section
72-1471, Idaho Code.
    (2)  OPTION II -- On or after October 1, l979, any paid firefighter, as
defined in subsection (A) of section 72-1403, Idaho Code, who elected Option
II, or who was employed after July 1, 1976, after payment of the contribution,
as set forth in section 72-1431, Idaho Code, and after completion of years
active service, as defined in section 72-1403(H), Idaho Code, may at his or
her option retire, and in the event of such retirement he or she shall be paid
from the public employee retirement account a monthly sum during the remainder
of his  or her life equal to the percentage of said firefighter's average
monthly salary or wage, as defined in section 72-1431, Idaho Code, that said
firefighter is entitled to under the provisions as set forth in this chapter,
based on his or her "average final compensation," as defined in section
72-1404, Idaho Code, which said monthly sum shall vary annually according to
the determination of the cost of living adjustment as set forth in section
72-1471, Idaho Code.