8-36-601 - Election of options for designation of contingent beneficiaries authorized Options enumerated. - Tennessee Statutes

8-36-601. Election of options for designation of contingent beneficiaries authorized Options enumerated.

(a)  Any member may elect to convert the retirement allowance otherwise payable on the member's account after retirement, exclusive of any portion of a disability allowance not payable after commencement of unreduced social security benefits, into a retirement allowance of equivalent actuarial value under one (1) of the options named in subsection (b).

(b)  (1)  Option 1. A reduced retirement allowance payable during the retired member's life, with the provision that it shall continue after the member's death for the life of, and to, the beneficiary nominated by the member by written designation duly acknowledged and filed with the board of trustees at the time of retirement.

     (2)  Option 2. A reduced retirement allowance payable during the retired member's life, with the provision that it shall continue after the member's death at one half (½) the rate paid to the member and be paid for the life of, and to, the beneficiary nominated by the member by written designation duly acknowledged and filed with the board of trustees at the time of retirement.

     (3)  Option 3. A reduced retirement allowance payable during the retired member's life, with the provision that it shall continue after the member's death for the life of, and to, the beneficiary nominated by the member by written designation duly acknowledged and filed with the board of trustees at the time of retirement; provided, that if such designated beneficiary shall predecease the retired member, the retirement allowance payable to the member after the death of the designated beneficiary shall be equal to the retirement allowance which would have been payable had the member not elected an option.

     (4)  Option 4. A reduced retirement allowance payable during the retired member's life, with the provision that it shall continue after the member's death at one half (½) the rate paid to the member and be paid for the life of, and to, the beneficiary nominated by the member by written designation duly acknowledged and filed with the board of trustees at the time of retirement; provided, that if such designated beneficiary shall predecease the retired member, the retirement allowance payable to the member after death of the designated beneficiary shall be equal to the retirement allowance which would have been payable had the member not elected an option.

[Acts 1972, ch. 814, § 5; T.C.A., § 8-3917(a); Acts 1981, ch. 387, § 10; 1992, ch. 843, § 20.]