Death benefits after retirement; annuity options.
Oklahoma City Municipal Code § 40-71
in effect§ 40-71. - Death benefits after retirement; annuity options.
(a) Joint and survivor annuity option. A Participant may choose to have a portion of his/her Retirement Benefits continued to his/her surviving spouse, following his/her death on or after his/her normal or early retirement date, until the death of his/her surviving spouse. To do so, he/she shall, before his/her retirement date, choose whether he/she wishes to select or reject a Joint Annuitant option. In order to choose an option or to waive the Joint Annuitant option, an election in writing must be made and signed by the Participant. If he/she chooses an option, he/she shall designate one of the following:
(1) Option A: The Participant shall receive an actuarially reduced pension payable for life, and payments in the same reduced amount shall, after the Participant's death, be continued to the Joint Annuitant during the latter's lifetime.
(2) Option B: The Participant shall receive an actuarially reduced pension payable for life, and payments in the amount of 75 percent of the reduced pension shall, after the Participant's death, be continued to the Joint Annuitant during the latter's lifetime.
(3) Option C: The Participant shall receive an actuarially reduced pension payable for life, and payments in the amount of 50 percent of the reduced pension shall, after the Participant's death, be continued to the Joint Annuitant during the latter's lifetime.
In the event of the death of the Joint Annuitant (after the death of the Participant), payment of monthly benefits shall cease. If the total payments paid to the Participant and Joint Annuitant under these provisions are less than the Participant's Employee Contribution Account as of the date benefits commence to the Participant, the difference will be paid to the beneficiary named by the Participant as provided in Section 40-77.
(b) Single-life annuity option. Any Participant who fails to exercise any of the options in Section 40-71 shall, upon Retirement, receive the full retirement to which he/she may be entitled under this division as a single-life annuity, including longevity supplement, until his/her death. Upon his/her death after Retirement his/her surviving spouse shall be entitled only to receive the amount of the Participant's Employee Contribution Account as of the date benefits commence to the Participant less the total benefits received by the Participant as retirement pay.
(Ord. No. 21916, § 2, 2-12-02)
Source: City of Oklahoma City, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ok/oklahoma_city/codes/code_of_ordinances?nodeId=OKMUCO2020_CH40PERESY_ARTIIIPERE_DIV1EMREPR_PTBGEPR_S40-71DEBEAFREANOPFetched: 10/28/2026