§ 45-21-51.1. Optional annuity protection — Election of option by member.
(a) Upon death of a member having (1) at least ten (10) years of membership service on or before June 30, 2012, or (2) for active contributing members on or after July 1, 2012, at least five (5) years of membership service, the spouse or domestic partner of the member has the option to elect to receive option one as provided in § 45-21-30 in lieu of a return of contributions, provided the spouse or domestic partner is the designated beneficiary of the member’s retirement account. The election is based upon the amount of retirement allowance or actuarial equivalent that may accrue at the date of death of the member.
(b) The election under option one for a person other than the spouse or domestic partner of the member may be made by the member, while in service; provided, that the member has (i) at least ten (10) years of membership service on or before June 30, 2012, and before retirement or (ii) for active contributing members on or after July 1, 2012, at least five (5) years of membership service and before retirement, on a form prescribed by the retirement board. The election is based upon the amount of retirement allowances or actuarial equivalents that may accrue at the date of death of the member; provided, that the election form is executed and filed with the retirement board prior to the date of death. The election may be revoked or modified by the member at any time prior to the date of retirement, on a form prescribed by the retirement board.
(c) Upon the death of a member, the option becomes effective thirty (30) days after the first day of the next calendar month following the date of death of the member if death occurs while in an employee status. Should death occur while in an inactive member status, the option under this section becomes payable on the first day of the next succeeding month that in which the designated beneficiary attains the age of sixty (60) years.
History of Section.
P.L. 1988, ch. 511, § 4; P.L. 1989, ch. 547, § 2; P.L. 2007, ch. 510, § 16; P.L. 2011,
ch. 408, § 11; P.L. 2011, ch. 409, § 11.