Options as to payment of allowances.
Memphis Charter, art. 81, § 1073
in effectSec. 1073. - Options as to payment of allowances.
An eligible employee at the time of retirement, or at any time after performing the minimum required service so as to become eligible for retirement, may elect to have his or her service retirement allowance paid in accordance with either of the following options:
Option 1. To have said retirement allowance paid for the lifetime of the retired member, and at his or her death to have paid to the member's beneficiary, if alive, or if said beneficiary is not alive, then to the estate of the member, the excess if any, of the amount of accumulated contributions of the member at the date of death over the total retirement payments made to the member.
Option 2. To have paid to the retired member a lesser retirement allowance of equivalent actuarial value, that is to say, an allowance of equal value when computed upon the basis of such mortality and experience tables as shall be adopted by said board of education, shall be paid to said retired member for and during his or her lifetime and after the death of such member to have paid to the member's beneficiary, designated by the member in writing and duly acknowledged at or before time of retirement, said lesser retirement allowance for the remaining lifetime of such beneficiary; provided that if a member who has so designated a beneficiary should die before actual retirement, but after becoming eligible for retirement, his beneficiary shall receive the aforesaid lesser amount during his or her lifetime.
(Priv. Acts 1955, ch. 113, § 2)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART81CHBOEDMESC_DIVIIIREPE_S1073OPPAALFetched: 10/28/2026