(1) A retiree or beneficiary may, on a form prescribed by and filed with the Executive Director of the Public Employees’ Retirement System, irrevocably waive all or a portion of any benefits from the general municipal retirement system or a firemen’s and policemen’s disability and relief fund to which the retiree or beneficiary is entitled. The waiver shall be binding on the heirs and assigns of any retiree or beneficiary and the same must agree to forever hold harmless the fund and the Public Employees’ Retirement System of Mississippi from any claim to the waived retirement benefits.
(2) Any waiver under this section shall apply only to the person executing the waiver. A beneficiary shall be entitled to benefits according to the option selected by the member at the time of retirement. However, a beneficiary may, at the option of the beneficiary, execute a waiver of benefits under this subsection.
(3) The fund shall retain all amounts that are not used to pay benefits because of a waiver executed under this subsection.
(4) The Board of Trustees of the Public Employees’ Retirement System may provide rules and regulations for the administration of waivers under this section.
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