§ 2.28.170. Optional reversionary allowance.

An employee under Plan No. 1 or Plan No. 2 may, subject to such rules as the board may from time to time establish, elect to receive a reduced retirement benefit with the proviso that such reduced retirement benefit, or such part thereof, as may be specified by the employee in the employee's notice of election, shall be continued after the employee's death for the life of the employee's spouse or other beneficiary named in such election. The amount payable to a beneficiary under this section shall not be more than the reduced retirement benefit payable to the retired employee. Such benefit and the amount provided for the beneficiary shall not exceed an amount as is determined according to the approximate equivalent formula recommended by the actuary and adopted by the board. Should the named beneficiary predecease a retired employee who elects a reduced retirement benefit, the benefit payable to such retired employee shall revert to the retirement benefit calculated for the employee had such employee not elected the reduced retirement benefit. This recalculated retirement benefit shall be payable beginning the first of the month following notice of the beneficiary's death.

(Ord. No. 44-812 § 18)