Page 260

House Bill No. 5506

Public Act No. 22-118 260 of 739

computed as follows: [(1)] (A) The benefit payable to such member at retirement and to such coparticipant upon such member's death shall be the actuarial equivalent of the normal, early, [or] proratable or deferred vested benefit for which such member is eligible and based upon such member's age at retirement and the age of such coparticipant on such retirement date. In the event the member predeceases the coparticipant, upon the death of the coparticipant, any remaining value in the account shall be paid in a lump sum to the coparticipant's estate. In the event (i) the coparticipant predeceases the member, (ii) the member and the coparticipant divorce, or (iii) the member and the coparticipant legally separate on or after July 1, 2020, the member's actuarially reduced benefit shall revert to an unreduced benefit under Plan N and, upon the member's death, any remaining value in the member's account shall be paid to the member's designated beneficiary, if any, or, if there is no designated beneficiary, to the member's estate. [(2) The benefit payable to such coparticipant of such member who dies after such option first becomes effective but before retirement shall be the actuarial equivalent of the normal, early or proratable benefit for which such member was eligible based on such member's age at death and the age of such coparticipant on such date of death.] [(3) (A)] (B) (i) Except as provided in this subparagraph, [(B) of this subdivision,] a coparticipant option shall be terminated, for any member whose designated coparticipant dies or is divorced from the member after the member's retirement, on the date of such death or divorce. Such member shall thereupon be paid the normal, early or proratable retirement benefit for which the member is eligible. [(B)] (ii) On and after July 1, 2016, upon the divorce of a member and the member's designated coparticipant or upon the legal separation of a member and such member's designated coparticipant occurring on or after July 1, 2020, and subsequent to the member's retirement, the