§ 2.27. Description of options.

The amount of any optional retirement benefit set forth in this section shall be based on option rates adopted from time to time by the pension commission and shall be actuarially equivalent in value to the benefit that would otherwise be payable to a retired member; provided, however, that an optional retirement benefit in lieu of the delayed retirement benefit as provided in Section 2.14 shall not be less than if based on the option rate that would have been applicable had retirement occurred at his normal retirement date.

Option A:  Joint and Survivor Option: a decreased retirement benefit payable to the retired member for life which shall continue after his death to the surviving contingent annuitant for life in the same amount as that payable to the retired member.

Option B:  Modified Joint and Survivor Option: a decreased retirement benefit payable to the retired member for life which shall continue after his death to the surviving contingent annuitant for life in the amount of fifty percent (50%) of the amount that was payable to the retired member.

Option C:  Social Security Option: an increased retirement benefit payable to the retired member during his lifetime until his normal retirement date and a reduced retirement benefit payable thereafter for life in order to have a more level retirement income when such reduced retirement benefit is added to his primary insurance amount payable under the Social Security Act. The optional benefit shall be based on the retired member's estimated primary insurance amount payable under the Social Security Act as such Act exists on his early retirement date.

Option D:  120 Payments Certain and Life Option: a decreased retirement benefit payable for life with the first 120 payments guaranteed. Any guaranteed payments due after the death of the retired member shall be payable to his beneficiary.