61.0.8. In the case referred to in the second paragraph of section 61.0.7, for the purchase of the annuity of a member or beneficiary to be considered final payment of his benefits, the member or beneficiary must, within 30 days of the date on which the notice provided for in the second paragraph is sent, consent in writing to the replacement of the characteristics of his pension.
The member or beneficiary must be informed in a notice of the amount and characteristics of the annuity whose purchase is being proposed to replace those of the pension payable under the plan and the effects that replacing the characteristics of the annuity has on the benefits accrued under the plan. A consent form must be enclosed with the notice.
In addition to the information provided for in the second paragraph, the notice must indicate that the purchase of the annuities is contingent on the premium required by the insurer. Furthermore, it must indicate that a notice containing the information required under paragraph 9 of section 61.0.10 will be provided to each member or beneficiary who has consented to the replacement once his annuity has been purchased from an insurer or, if applicable, once he has opted not to proceed with the payment of his benefits.