Any generational member applying for a retirement benefit shall elect one of the following monthly benefit options:

(1) A single life benefit that provides a monthly benefit to the member for as long as the member lives and ceases upon the death of the member;

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(2) A sixty percent joint and survivor benefit that provides a reduced lifetime monthly benefit to the member, and upon the member’s death sixty percent of the reduced benefit continues to the surviving spouse until the death of the surviving spouse; or

(3) A one hundred percent joint and survivor benefit that provides a reduced lifetime monthly benefit to the member, and upon the member’s death one hundred percent of the reduced benefit continues to the surviving spouse until the death of the surviving spouse.

The benefits payable to the member and the surviving spouse pursuant to a joint and survivor benefit are based on the ages of the member and the spouse and are the actuarial equivalent of a single life benefit. The monthly benefit of a member electing the joint and survivor benefit is reduced in order to provide for a continuing benefit for the surviving spouse after the member’s death. The last payment of the member’s benefit is for the month in which the member’s death occurs, and any surviving spouse benefit is effective from the first day of the month following the member’s death. The benefits payable pursuant to this section shall be paid in accordance with § 401(a)(9) of the Internal Revenue Code.

Source: SL 2016, ch 32, § 9; SDCL § 3-12-508; SL 2019, ch 22, § 1.