New Hampshire Revised Statutes 102:16 – Optional Retirement Benefits
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Until the first payment on account of a retirement allowance becomes normally due, any member may elect to convert the retirement allowance otherwise payable on his account under N.H. Rev. Stat. § 102:15, 17 and 18 into a retirement allowance of equivalent actuarial value under one of the optional forms named below; provided, however, that no election of an optional benefit shall become effective until 60 days after the date of filing of the election thereof with the retirement board, and if the member dies before such election becomes effective, the optional benefits elected shall become effective as of the date of death of the member.
I.
Option 1. A reduced retirement allowance payable during the retired member’s life, with the provision that it shall continue after his death for the life of the beneficiary, nominated by him by written designation duly acknowledged and filed with the retirement board at the time of retirement. The joint annuitant or beneficiary must be related in the following order:
(a) Legal wife cohabiting with member retiring;
(b) If there is no wife, then totally dependent son or daughter.
II.
Option 2. A reduced retirement allowance payable during the retired member’s life with the provision that it shall continue after his death at
1/2 the rate paid to him and be paid for the life of the beneficiary, nominated by him by written designation duly acknowledged and filed with the retirement board at the time of retirement.
III. If either of the options under paragraphs I or II is elected the following conditions and restrictions shall apply:
(a) If the designated joint annuitant should die before the member’s attainment of his retirement age, the election shall become inoperative and annuity payments, if and when commenced, will be on the normal retirement benefit basis under N.H. Rev. Stat. § 102:15, as though an optional form of annuity had never been elected;
(b) If the member should die before attainment of his retirement age, the joint annuitant shall not be entitled to receive any annuity payments;
(c) The designation of any person as a joint annuitant shall not constitute such person a beneficiary with respect to any other benefit provided under this chapter, unless such person is specifically designated as a beneficiary under other provisions hereof.
IV.
Option 3. A reduced retirement allowance payable during the retired member’s life, with some other benefit payable after his death, provided that such other benefit shall be approved by the board of trustees.
I.
Terms Used In New Hampshire Revised Statutes 102:16
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Dependent: A person dependent for support upon another.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- retirement board: when used in this chapter, unless a different meaning is plainly required by the context, shall mean said board of trustees. See New Hampshire Revised Statutes 102:3
Option 1. A reduced retirement allowance payable during the retired member’s life, with the provision that it shall continue after his death for the life of the beneficiary, nominated by him by written designation duly acknowledged and filed with the retirement board at the time of retirement. The joint annuitant or beneficiary must be related in the following order:
(a) Legal wife cohabiting with member retiring;
(b) If there is no wife, then totally dependent son or daughter.
II.
Option 2. A reduced retirement allowance payable during the retired member’s life with the provision that it shall continue after his death at
1/2 the rate paid to him and be paid for the life of the beneficiary, nominated by him by written designation duly acknowledged and filed with the retirement board at the time of retirement.
III. If either of the options under paragraphs I or II is elected the following conditions and restrictions shall apply:
(a) If the designated joint annuitant should die before the member’s attainment of his retirement age, the election shall become inoperative and annuity payments, if and when commenced, will be on the normal retirement benefit basis under N.H. Rev. Stat. § 102:15, as though an optional form of annuity had never been elected;
(b) If the member should die before attainment of his retirement age, the joint annuitant shall not be entitled to receive any annuity payments;
(c) The designation of any person as a joint annuitant shall not constitute such person a beneficiary with respect to any other benefit provided under this chapter, unless such person is specifically designated as a beneficiary under other provisions hereof.
IV.
Option 3. A reduced retirement allowance payable during the retired member’s life, with some other benefit payable after his death, provided that such other benefit shall be approved by the board of trustees.