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Member's options - 71 Pa. Cons. Stat. § 5705

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     § 5705.  Member's options.
        (a)  General rule.--Any special vestee who has attained
     superannuation age, any vestee having five or more eligibility
     points, any member with Class G, Class H, Class I, Class J,
     Class K, Class L, Class M or Class N service having five or more
     eligibility points or any other eligible member upon termination
     of State service who has not withdrawn his total accumulated
     deductions as provided in section 5701 (relating to return of
     total accumulated deductions) may apply for and elect to receive
     either a maximum single life annuity, as calculated in
     accordance with the provisions of section 5702 (relating to
     maximum single life annuity), or a reduced annuity certified by
     the actuary to be actuarially equivalent to the maximum single
     life annuity and in accordance with one of the following
     options; except that no member shall elect an annuity payable to
     one or more survivor annuitants other than his spouse or
     alternate payee of such a magnitude that the present value of
     the annuity payable to him for life plus any lump sum payment he
     may have elected to receive is less than 50% of the present
     value of his maximum single life annuity:
            (1)  Option 1.--A life annuity to the member with a
        guaranteed total payment equal to the present value of the
        maximum single life annuity on the effective date of
        retirement with the provision that, if, at his death, he has
        received less than such present value, the unpaid balance
        shall be payable to his beneficiary.
            (2)  Option 2.--A joint and survivor annuity payable
        during the lifetime of the member with the full amount of
        such annuity payable thereafter to his survivor annuitant, if
        living at his death.
            (3)  Option 3.--A joint and fifty percent (50%) survivor
        annuity payable during the lifetime of the member with one-
        half of such annuity payable thereafter to his survivor
        annuitant, if living at his death.
            (4)  Option 4.--Some other benefit which shall be
        certified by the actuary to be actuarially equivalent to the
        maximum single life annuity, subject to the following
        restrictions:
                (i)  any annuity shall be payable without reduction
            during the lifetime of the member;
                (ii)  the sum of all annuities payable to the
            designated survivor annuitants shall not be greater than
            one and one-half times the annuity payable to the member;
            and
                (iii)  a portion of the benefit may be payable as a
            lump sum, except that such lump sum payment shall not
            exceed an amount equal to the total accumulated
            deductions standing to the credit of the member. The
            balance of the present value of the maximum single life
            annuity adjusted in accordance with section 5702(b) shall
            be paid in the form of an annuity with a guaranteed total
            payment, a single life annuity, or a joint and survivor
            annuity or any combination thereof but subject to the
            restrictions of subparagraphs (i) and (ii) under this
            option.
        (b)  Present value of joint coverage annuity.--In calculating
     an annuity payable to a member of the joint coverage group, the
     present value of such adjusted annuity shall be determined by
     taking into account prospectively the reduction applicable upon
     the attainment of the age at which full social security benefits
     are payable.
     (Oct. 7, 1975, P.L.348, No.101, eff. imd.; June 13, 1985,
     P.L.40, No.19, eff. imd.; Apr. 29, 1994, P.L.159, No.29, eff.
     Jan. 1, 1995; June 25, 1997, P.L.369, No.41, eff. imd.; June 22,
     1999, P.L.75, No.12, eff. imd.; May 17, 2001, P.L.26, No.9, eff.
     July 1, 2001)

        2001 Amendment.  Act 9 amended subsec. (a). See section 37 of
     Act 9 in the appendix to this title for special provisions
     relating to applicability of amendment to State Employees'
     Retirement System members.
        1999 Amendment.  See section 27 of Act 12 in the appendix to
     this title for special provisions relating to eligibility for
     superannuation benefits.
        1997 Amendment.  See section 6 of Act 41 in the appendix to
     this title for special provisions relating to limitation of
     special vestee status.
        Cross References.  Section 5705 is referred to in sections
     5307, 5702, 5706, 5709, 5902, 5905, 5905.1, 5907 of this title.

Last modified: November 27, 2007