Conditions imposed on election of Joint Annuitant options.
Oklahoma City Municipal Code § 40-72
in effect§ 40-72. - Conditions imposed on election of Joint Annuitant options.
The election of the Joint Annuitant option is subject to the following conditions:
(a) the election shall be made prior to the Participant's actual retirement date.
(b) the Joint Annuitant, the retirement date, and the specified portion of the retirement pay to be continued to the Joint Annuitant must be designated by the Participant on the date this alternative is elected. The Participant must also furnish proof, satisfactory to the Board of Trustees, of the Joint Annuitant's age at the time of the election.
(c) the amount of the reduced pension shall be the Actuarial Equivalent of the benefit to which he/she would otherwise be entitled, determined by an actuary designated by the System based on the definition of Actuarial Equivalence in effect at the time benefits commence to the Participant.
(d) once a Participant has retired, his/her Joint Annuitant election may not be changed in any respect or canceled, except as provided in Section 40-72(e).
(e) if the Joint Annuitant dies or a final decree of divorce is entered between the Participant and the Joint Annuitant after the Retirement of the Participant, the Participant's Retirement Benefits will continue in the same actuarially reduced amount as that otherwise payable at the normal or early retirement date under the joint and survivor annuity option selected by the Participant. Should the Participant remarry, the new spouse, when he or she becomes eligible, shall be the beneficiary under the same joint and survivor annuity option elected at retirement. No benefits shall be payable to the new spouse unless the Participant and the new spouse are married at the time of and for at least three years prior to the Participant's death. The Joint Annuitant benefit shall be payable until the subsequent surviving spouse dies.
(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_S40-72COIMELJOANOPFetched: 10/28/2026