North Dakota Administrative Code › Title 71 - Retirement Board › Article 71-02 - Public Employees Retirement System › Chapter 71-02-04 - Retirement Benefits › Section 71-02-04-04 - Optional benefits

Current through Supplement No. 393, July, 2024
A member may elect, as provided in section 71-02-04-02, to
				  receive one of the following optional benefits in lieu of the regular single
				  life, or normal for judges, retirement benefit.
1.
One hundred percent joint and
				survivor benefit.
A member shall receive an actuarially reduced
				retirement benefit during the member's lifetime and after the member's death
				the same amount will be continued to the member's surviving spouse during the
				spouse's lifetime. The designated beneficiary is limited to the member's
				spouse. Payments of benefits to a member's surviving spouse shall be made on
				the first day of each month commencing on the first day of the month following
				the member's death, providing the beneficiary has supplied a marriage
				certificate and death certificate and is still living. Benefits shall terminate
				in the month in which the death of the beneficiary occurs. In the event the
				designated beneficiary predeceases the member or, in the event of divorce, the
				option shall be canceled and the member's benefit shall be returned to the
				single life or normal amount. Payment of the single life or normal amount shall
				commence on the first day of the month following receipt, in the public
				employees retirement system office, of written notification of the spouse's
				death or member's divorce. Written notification must be either a death
				certificate or a photocopy of the divorce decree.
2.
Fifty percent joint and survivor
				benefit.
A member shall receive an actuarially reduced retirement
				benefit during the member's lifetime and after the member's death one-half the
				rate of the reduced benefit will be continued to the member's surviving spouse
				during the spouse's lifetime. The designated beneficiary is limited to the
				member's spouse. Payments of benefits to a member's surviving spouse shall be
				made on the first day of each month commencing on the first day of the month
				following the member's death, providing the beneficiary has supplied a marriage
				certificate and death certificate and is still living. Benefits shall terminate
				in the month in which the death of the beneficiary occurs. In the event the
				designated beneficiary predeceases the member or, in the event of divorce, the
				option shall be canceled and the member's benefit shall be returned to the
				single life or normal amount. Payment of the single life or normal amount shall
				commence on the first day of the month following receipt, in the public
				employees retirement system office, of written notification of the spouse's
				death or member's divorce. Written notification must be either a death
				certificate or a photocopy of the divorce decree.
3.
Twenty-year or ten-year certain
				option.
A member may elect an option which is the actuarial equivalent
				of the member's normal, early, or deferred vested retirement pension payable
				for life with a twenty-year or ten-year certain feature, as designated by the
				member.
General Authority:
NDCC 54-52-04,
					 54-52-17
Law Implemented:
NDCC
					 54-52-17