Tennessee § 17-326 - Optional benefits.

§ 17-326. Optional benefits.

A judge entitled to a retirement benefit may elect, subject to written notice of his election filed prior to retirement with the state treasurer and duly acknowledged by him to have a benefit payable under one of the options hereinafter set forth in lieu of all other benefits he is otherwise entitled to receive, and shall file a written designation of a contingent annuitant to receive benefits under an option to be payable after his death. The optional benefit payable shall be in accordance with the terms of the election of option last received and acknowledged by the state treasurer and the contingent annuitant entitled to benefits under said option shall be the person in the written designation of contingent annuitant last received by the state treasurer prior to the retirement of the judge. The amount of optional benefits 1 and 2 shall be based on option rates adopted from time to time by the state treasurer and shall be actuarially equivalent in value to the benefits that would otherwise be payable, except that an optional benefit commencing after age sixty-five (65) shall not be less than if based on an option rate that would have been applicable had retirement occurred at age sixty-five (65). The amount of optional benefit 3 shall be the normal retirement benefit payable for the life of the retired judge and at his death an amount equal to one-half (½) thereof payable for the life of or until the remarriage of his contingent annuitant who shall be his widow and no other. The election of an option shall be null and void if the contingent annuitant dies before benefits commence. If a judge has duly designated a contingent annuitant and is eligible to retire at the time of his death, a benefit will be payable to the contingent annuitant as though the judge had retired the day before his death. If a judge has not duly designated a contingent annuitant and is eligible at the time of death to have retired under this judges' retirement system, the benefit will be an amount payable monthly to his widow, if she is then living, for the remainder of her unremarried lifetime, determined in the same way as an option 1 (joint and survivor) benefit, or the benefit may be a refund of his contributions to the judges' retirement system if the widow so elects. Option 1. The joint and survivor benefit shall be payable for the life of the retired judge and thereafter to the contingent annuitant for life. Option 2. The modified joint and survivor benefit shall be payable for the life of the retired judge and thereafter one-half (½) of such amount shall be payable to the contingent annuitant for life. Option 3. A joint and survivor benefit in the amount of the normal retirement benefit shall be payable for the life of the judge and thereafter one-half (½) of such amount shall be payable to the contingent annuitant who shall be his widow and no other, for her life or until remarriage. Provided, the widow of a judge who was a member of the judicial retirement system and entitled to retire under any of its provisions but died in office prior to the enactment of this law shall be conclusively presumed to be the optionee of said judge and entitled to the benefits of option no. 2 above. Acts 1959, ch. 329, § 1; 1963, ch. 73, § 9; 1965, ch. 237, § 9; 1970 (Adj. S.), ch. 386, § 5. Compiler's Notes. Sections 17-326 — 17-329 were repealed by Acts 1972 (Adj. S.), ch. 814, § 18 which provided: “however, each and all of said sections and chapters will remain in full effect for the purpose of defining rights, benefits and privileges preserved under § 8-34-703 .” For present law see chapters 34-37 and 39 of title 8.