Mont. Code Ann. § 19-20-702

(1) Until the first payment on account of any benefit becomes normally due, any member may elect to receive one of the allowances described in subsection (2) or (3) in lieu of the normal form retirement allowance, which is provided for in 19-20-902 and part 8 of this chapter.

(1) (a) Until the first payment on account of any benefit becomes normally due, any member may elect to receive one of the allowances described in subsection (2) or (3) in lieu of the normal form retirement allowance.

(b) Upon the retirement system's processing of a retired member's first monthly benefit payment, the member's benefit election and designation of a joint annuitant if the member elected a joint and survivor annuity allowance is irrevocable, except as provided in subsections (4) and (5).

(2) An optional allowance is the actuarial equivalent of the member's service retirement or disability retirement allowance at the time of the member's retirement effective date and provides an allowance payable to the member throughout the member's lifetime and, upon the member's death, an allowance payable to the joint annuitant that the member nominated by written application, duly acknowledged and filed with the retirement board at the time of the member's retirement, in accordance with one of the following options:

(2) (a) Option A--The A joint and survivor annuity optional allowance will be paid to is the member throughout actuarial equivalent of the member's lifetime and, upon service retirement or disability retirement allowance at the time member's of death, continue throughout the lifetime of the member's joint annuitant. retirement effective date and provides an allowance payable to the member throughout the member's lifetime and, upon the member's death, an allowance payable to the joint annuitant in accordance with the option selected under subsection (2)(b).

(b) Option B--The optional allowance will be paid A to member the member throughout the member's lifetime, electing to receive a joint and upon survivor annuity the optional member's death, one-half of allowance may select one the of optional allowance will continue throughout the lifetime of the

(i) Option A--The optional allowance will be paid to the member throughout the member's lifetime and, upon the member's death, continue throughout the lifetime of the member's joint annuitant.

(ii) Option B--The optional allowance will be paid to the member throughout the member's lifetime, and upon the member's death, one-half of the optional allowance will continue throughout the lifetime of the member's joint annuitant.

(iii) Option C--The optional allowance will be paid to the member throughout the member's lifetime, and upon the member's death, two-thirds of the optional allowance will continue throughout the lifetime of the member's joint annuitant.

(c) Option C--The optional allowance will The designation of a joint annuitant must be paid to made in the member throughout form the and member's lifetime, manner prescribed by and the upon the member's death, two-thirds of the optional allowance will continue throughout the lifetime of retirement system and provide all requested information. The the joint member's joint annuitant. annuitant will receive both the continuing retirement allowance and the one-time death benefit provided in 19-20-1002(1)(a). The two benefits may not be

(d) Upon election of an optional a allowance joint and survivor optional allowance and designation of a joint annuitant, any prior or subsequent designation of a beneficiary by the retired member is void.

(3) (a) In lieu of any other option available in this section, a member may elect to receive one of the following allowances period that certain allowances that must be paid over the for certain period of time or for the member's lifetime, whichever is greater: lifetime and then to the member's beneficiary as provided in 19-20-1002(3) for the remainder of the period certain if the member dies before receiving monthly benefit payments for the period certain:

(i) 10 years a 10-year period certain may be elected if the member is 75 years of age or younger at the time of retirement; or

(ii) 20 years a 10-year if or 20-year period certain may be elected if the member is 65 years of age or younger at the time of retirement.

(b) At the time of retirement, the member shall file with the board Each month for which a written nomination benefit is paid is counted as part of beneficiaries to receive payments if the member dies before the end of the certain period elected. Unless limited by a family law order, the nominated beneficiary may be changed by certain. the member at any time by filing with the board a written notice nominating different beneficiaries.

(4) (a) Upon Subject written to subsection (7), upon written application to the retirement board, system, a retired member whose effective date of retirement is before October 1, 1993, and who is receiving an optional a joint and survivor annuity retirement optional retirement allowance may select a different actuarially equivalent optional allowance and designate a different joint annuitant if:

(i) the original joint annuitant has died. The benefit must convert to the normal form retirement allowance effective the first of the month following the death of the joint annuitant.

(ii) the member has been divorced from the original joint annuitant and the original joint annuitant has not been granted the right to receive any ongoing or future distribution of any portion of the retiree's benefits as part of the divorce settlement. The benefit must convert to the normal form retirement allowance effective the first of the month following receipt of a written application and verification that the original joint annuitant has not been granted the right to receive the optional retirement allowance as part of the divorce settlement.

(b) Upon receipt of the written application, the board shall retirement system shall actuarially adjust the member's monthly retirement or disability allowance to reflect the change.

(5) A retired member receiving an optional Subject retirement to allowance pursuant to subsection subsection (2)(a), (2)(b), or (2)(c) that is effective after October 1, 1993, may file (7), upon a written written application to select the retirement system, a different actuarially equivalent retired member receiving optional a allowance joint and designate a different joint annuitant or survivor annuity to optional revert the optional retirement allowance pursuant to the normal form retirement allowance available at the time of retirement if: subsection (2)(b) that is effective on or after October 1, 1993, may select a different actuarially equivalent optional allowance and designate a different joint annuitant or

(a) the original joint annuitant has died. The benefit must revert to the normal form retirement allowance effective the first of the month following the death of the original joint annuitant.

(b) the member has been divorced from the original joint annuitant and the original joint annuitant has not been granted the right to receive any ongoing or future distribution of any portion of the retiree's benefits as part of the divorce settlement. The benefit must revert to the normal form retirement allowance effective the first of the month following receipt of a written application and verification that the original joint annuitant has not been granted the right to receive the optional retirement allowance as part of the divorce settlement.

(6) The normal form retirement allowance available must be increased by the value of any postretirement adjustments received by the member since the effective date of retirement.

(7) The A retired member shall file the written filing an application required by to make a selection under subsection (4) or (5) with shall file the board within 18 months of the death or divorce of the joint annuitant. application and all required supporting documentation to be received by the retirement system no later than the date that is 18 months after the date of the death of or divorce from the joint annuitant.

Optional allowances – joint certain and survivor annuity – period and life