(a)  A beneficiary, or, if the beneficiary is an incompetent, then his or her spouse or domestic partner, or if he or she has no spouse or domestic partner, a guardian of the beneficiary’s estate, may elect to receive a benefit in a retirement allowance, payable throughout life, or the beneficiary may then elect to receive the actuarial equivalent, at that time, of the beneficiary’s retirement allowance in a lesser retirement allowance as determined by actuarial calculation, which shall be payable throughout life with the provision that:

(1) Option 1.  A reduced retirement allowance payable during the beneficiary’s life, with the provisions that after the beneficiary’s death, it shall continue during the life of and be paid to the person that the beneficiary has nominated by written designation duly acknowledged and filed with the retirement board at the time of retirement; or

(2) Option 2.  A reduced retirement allowance payable during the beneficiary’s life, with the provision that after the beneficiary’s death an allowance equal to one-half (½) of the beneficiary’s reduced allowance shall continue during the life of and be paid to the person that the beneficiary has nominated by written designation duly acknowledged and filed with the board at the time of retirement.

Terms Used In Rhode Island General Laws 45-21-30

  • 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.
  • annuity: means the amounts paid to any member of the municipal employees' retirement system of the state of Rhode Island, or a survivor of the member, as provided in this chapter. See Rhode Island General Laws 45-21-2
  • 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
  • Beneficiary: means any person in receipt of a retirement allowance, annuity, or other benefit as provided by this chapter. See Rhode Island General Laws 45-21-2
  • board: means the state retirement board created by chapter 8 of Title 36. See Rhode Island General Laws 45-21-2
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Member: means any person included in the membership of the retirement system as provided in §?45-21-8. See Rhode Island General Laws 45-21-2
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6

(b)  This section does not apply to any person who elects the social security supplemental option related in § 45-21-17.2.

(c)  This section is exempt from the provisions of § 45-13-6 — § 45-13-10.

(d)  If prior to July 1, 2012, a member elected an optional form of benefit other than a life annuity in accordance with paragraph (a)(1) or (2) above, the member may elect to change his or her form of benefit to a life annuity by filing an election with the retirement board on or before June 30, 2013, provided that the member’s beneficiary is still alive at the time the election is filed.

History of Section.
P.L. 1951, ch. 2784, § 9; G.L. 1956, § 45-21-30; P.L. 1980, ch. 55, §§ 1, 2; P.L. 1987, ch. 594, § 1; P.L. 2007, ch. 510, § 16; P.L. 2011, ch. 408, § 11; P.L. 2011, ch. 409, § 11.