§ 31-64.2. Lump sums.

Any member eligible to receive an annual retirement allowance may at the time of retirement, if they meet the terms described below, make an irrevocable election to receive a one (1) time, lump sum payment in lieu of any benefits they, their surviving spouse, their surviving dependent(s), and/or any other beneficiary (including their estate) would otherwise be eligible to receive under this article. This election may be made at the time of retirement and is not available to those already receiving an annual retirement allowance.

(a)

Any member who would receive a retirement allowance of one hundred and fifty dollars ($150.00) or less per month, may elect, at the time of retirement to receive their benefit in a one-time, lump sum payment.

(b)

The total amount of the one-time, lump sum payment shall be based upon the value of the retirement allowance plus the death benefit referenced at section 31-62(b)(1) at an actuarially neutral rate as determined by the fund's actuary and approved by the board from time to time and set forth in a schedule to be maintained by the board. For the purposes of this section, an actuarially neutral rate uses actuarial assumptions adopted by the board so that the lump sum payment will have no adverse financial impact to the fund.

(c)

Upon electing to receive a one-time, lump sum payment, the member shall sign a certification indicating that they acknowledge that they fully understand that the one-time, lump sum payment will be in lieu of any benefits that they, their surviving spouse, their surviving dependent(s), and/or any other beneficiary (including their estate), would otherwise be eligible to receive under this article.

(d)

The terms of this section do not apply to the provisions of article III of chapter 31.

(Ord. 7278-16, § 1)

(Ord. 7278-16, § 1)