72-1434. OPTIONAL PENSION AMOUNTS — OPTION I AND OPTION II. Prior to July 1, 1976, but not thereafter, any paid firefighter in this state, as defined in subsection (A) of section 72-1403, Idaho Code, may elect to receive his or her retirement benefits in accordance with the provisions of Option I or Option II as hereinafter set forth. Except as otherwise provided in this chapter, in the event a firefighter fails to elect an option prior to July 1, l976, then his or her pension benefits shall be paid to him under the provisions as set forth in Option I. Selection of option shall be nominated by written designation duly executed and filed with the public employee retirement system board. Any paid firefighter employed in the state by a city or fire district, on or after July 1, l976, shall be employed under the provisions as set forth in Option II; provided however, that any paid firefighter employed on or after July 1, 1976, who has consistently been treated as an Option I firefighter for contribution purposes may, prior to retirement, make an election to select either Option I or Option II; provided further, that any such paid firefighter who selects Option II shall, prior to retirement, pay any additional required employee contributions and the firefighter’s employer shall pay any additional required employer contributions, as determined by the board.
(1) OPTION I — On or after July 1, 1976, any employed paid firefighter, as defined in subsection (A) of section 72-1403, Idaho Code, electing this option or failing to nominate an option, after payment of the contribution, as set forth in section 72-1431, Idaho Code, and after completion of years active service, as defined in subsection (H) of section 72-1403, Idaho Code, may at his or her option retire, and in the event of such retirement said firefighter shall be paid from the public employee retirement account a monthly sum during the remainder of his life equal to the percentage of the average paid firefighter’s salary or wage in this state, as defined in section 72-1431, Idaho Code, and that said firefighter is entitled to under the provisions of this chapter, which said monthly sum shall vary annually, according to the determination of the cost of living adjustment as set forth in section 72-1471, Idaho Code.
(2) OPTION II — On or after October 1, l979, any paid firefighter, as defined in subsection (A) of section 72-1403, Idaho Code, who elected Option II, or who was employed after July 1, 1976, after payment of the contribution, as set forth in section 72-1431, Idaho Code, and after completion of years active service, as defined in section 72-1403(H), Idaho Code, may at his or her option retire, and in the event of such retirement he or she shall be paid from the public employee retirement account a monthly sum during the remainder of his or her life equal to the percentage of said firefighter’s average monthly salary or wage, as defined in section 72-1431, Idaho Code, that said firefighter is entitled to under the provisions as set forth in this chapter, based on his or her "average final compensation," as defined in section 72-1404, Idaho Code, which said monthly sum shall vary annually according to the determination of the cost of living adjustment as set forth in section 72-1471, Idaho Code.
History:
[(72-1434) 1976, ch. 273, sec. 21, p. 940; am. 1980, ch. 50, sec. 35, p. 99; 1990, am. and redesignated, ch. 231, sec. 89; p. 653; am. 2001, ch. 327, sec. 1, p. 1153.]
Structure Idaho Code
Title 72 - WORKER'S COMPENSATION AND RELATED LAWS -- INDUSTRIAL COMMISSION
Chapter 14 - FIREMEN’S RETIREMENT FUND
Section 72-1401 - PURPOSE OF CHAPTER.
Section 72-1402 - CONSTRUCTION.
Section 72-1403 - DEFINITIONS.
Section 72-1404 - AVERAGE FINAL COMPENSATION.
Section 72-1405 - POWERS AND DUTIES OF PUBLIC EMPLOYEE RETIREMENT BOARD.
Section 72-1406 - ADMINISTRATION OF PROVISIONS OF CHAPTER.
Section 72-1407 - POWER OF BOARD TO SUE AND BE SUED.
Section 72-1408 - POWER OF BOARD TO ENGAGE EMPLOYEES.
Section 72-1409 - EMPLOYMENT OF ATTORNEYS AND AGENTS.
Section 72-1410 - RISKS AUTHORIZED TO BE INSURED — PAYMENT OF PREMIUMS.
Section 72-1411 - LIABILITY OF BOARD.
Section 72-1421 - FUNDS — HOW USED.
Section 72-1422 - BENEFITS EXEMPT FROM EXECUTION — NOT ASSIGNABLE.
Section 72-1423 - FILING OF CLAIMS — PROCEDURE — JURISDICTION OF INDUSTRIAL COMMISSION.
Section 72-1424 - PRESENTATION OF FALSE CLAIM PENALIZED.
Section 72-1425 - WORKERS’ COMPENSATION LAW NOT REPEALED.
Section 72-1426 - RECORDS TO BE PUBLIC RECORDS.
Section 72-1429E - SURVIVING CHILD.
Section 72-1431 - CONTRIBUTION FROM FIREFIGHTERS — MANNER OF COLLECTION.
Section 72-1432 - PENSION FUND CONTRIBUTIONS BY CITIES AND FIRE DISTRICTS — REMITTANCES.
Section 72-1433 - FAILURE OF CITY OR FIRE DISTRICT TO MAKE PAYMENT — EFFECT.
Section 72-1434 - OPTIONAL PENSION AMOUNTS — OPTION I AND OPTION II.
Section 72-1435 - VOLUNTARY RETIREMENT — YEARS OF SERVICE DETERMINE PENSION BENEFIT.
Section 72-1441 - DATE OF PAYMENT.
Section 72-1442 - PENSION PAYMENT — MAXIMUM.
Section 72-1446 - PENSION PAYMENT — RETIREMENT OF INCAPACITATED FIREFIGHTERS FOR NONSERVICE.
Section 72-1447 - PAYMENT OF PENSIONS — AMOUNT TO BE PAID — PARTIES ENTITLED THERETO.
Section 72-1451 - DISABILITY — REEXAMINATION — RETURN TO SERVICE.
Section 72-1452 - REVIEW OF DISABILITY.
Section 72-1462 - DEATH BENEFITS — SPOUSE OF RETIRED FIREFIGHTER.