§ 45-21-30 - Optional benefits on service retirement. - Rhode Island Statutes

SECTION 45-21-30

   § 45-21-30  Optional benefits on serviceretirement. – (a) A beneficiary, or, if the beneficiary is an incompetent, then his or herspouse or domestic partner, or if he or she has no spouse or domestic partner,a guardian of the beneficiary's estate, may elect to receive a benefit in aretirement allowance, payable throughout life, or the beneficiary may thenelect to receive the actuarial equivalent, at that time, of the beneficiary'sretirement allowance in a lesser retirement allowance as determined byactuarial calculation, which shall be payable throughout life with theprovision that:

   (1) Option 1. A reduced retirement allowance payableduring the beneficiary's life, with the provisions that after the beneficiary'sdeath, it shall continue during the life of and be paid to the person that thebeneficiary has nominated by written designation duly acknowledged and filedwith the retirement board at the time of retirement; or

   (2) Option 2. A reduced retirement allowance payableduring the beneficiary's life, with the provision that after the beneficiary'sdeath an allowance equal to one-half ( 1/2) of the beneficiary's reducedallowance shall continue during the life of and be paid to the person that thebeneficiary has nominated by written designation duly acknowledged and filedwith the board at the time of retirement.

   (b) This section does not apply to any person who elects thesocial security supplemental option related in § 45-21-17.2.

   (c) This section is exempt from the provisions of§§ 45-13-6 – 45-13-10.