WILLIAM DONALD SCHAEFER, Governor Ch. 571

Article 73B - Pensions

11.

(11) (a) In lieu of the disability or service allowances
payable under the aforesaid provisions, any member may, prior to
the first retirement allowance payment normally due, elect a
retirement allowance of equivalent actuarial value in one of the
optional forms set out below. The election of the option shall
be made on a form provided for that purpose and shall be filed
with the board of trustees. If a member dies prior to the
effective date of retirement, the election shall be void and of
no effect, and the benefits payable on his account shall be the
same as though his election had not been filed. A member who has
elected an optional benefit may change such election by due
notice to the board of trustees, but no change may be made after
the first payment of his allowance becomes normally due.

Option 1. If he dies before he has received in payments the
present value of his retirement allowance as it was at the time
of his retirement, the balance shall be paid to his legal
representatives or to the person he has most recently nominated
by written designation, duly acknowledged and filed with the
board of trustees; or

Option 2. Upon his death, his reduced retirement allowance
shall be continued throughout "the life of and paid to the person
as he has nominated by written designation, duly acknowledged and
filed with the board of trustees at the time of his retirement;
or

Option 3. Upon his death, one half of his reduced
retirement allowance shall be continued throughout the life of
and paid to the person he has nominated by written designation,
duly acknowledged and filed with the board of trustees at the
time of his retirement; or

Option 4. (i) If the retired member dies before the member
has received in payments the value of the member's accumulated
contributions as it was at the time of retirement, the balance
shall be paid to the member's legal representatives or to the
person or persons the member most recently nominated by written
designation, duly acknowledged and filed with the board of
trustees; or

(ii) Some other benefit or benefits shall be paid
either to the member or to the person or persons he has
nominated, provided the other benefit or benefits together with
the reduced retirement allowance, shall be certified by the
actuary to be of equivalent actuarial value to his retirement
allowance, and shall be approved by the board of trustees; OR

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