2932 ARTICLE 77 .

Return of Accumulated Contributions.

(7) Should a member cease to be a teacher except by death or retire-
ment under the provisions of this sub-title he shall be .paid such part of
the amount of the accumulated contributions standing to the credit of his
individual account in the Annuity Savings Fund as he shall demand.

Optional Allowances.

(8) With the provision that no optional selection shall be effective in
case a beneficiary dies within thirty days after retirement, and that such
a beneficiary shall be considered as an active member at the time of death;
until the first payment on account of any benefit becomes normally due,
any member may elect to receive his benefit in a retirement allowance
payable throughout life, or he may elect to receive the actuarial equivalent,
at that time, of his retirement allowance in a reduced retirement allow-
ance payable throughout life with the provision that:

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 such person as he
shall nominate 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 such person as he shall
nominate 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 allow-
ance shall be continued throughout the life of and paid to such person as he
shall nominate by written designation duly acknowledged and filed with the
Board of Trustees at the time of his retirement; or

Option 4. Some other benefit or benefits shall be paid either to the
member or to such person or persons as he shall nominate provided such
other benefit or benefits, together with the reduced retirement allowance,
shall be certified by the actuary to be equivalent actuarial value to his
retirement allowance, and approved by the Board of Trustees.

1927, ch. 344, sec. 97.
100. (Administration.)

Board of Trustees.

(1) The general administration and responsibility for the proper opera-
tion of the retirement system and for making effective the provisions of
this sub-title are hereby vested in a Board of Trustees which shall be
organized immediately after three of the trustees provided for in this
section have qualified and taken the oath of office.

(2) The Board shall consist of five trustees as follows:

(a) The State Superintendent of Education, Ex-officio.

(b) The State Comptroller, Ex-officio.

(c) The State Treasurer, Ex-officio.

(d) Two teachers who shall be members of the system and who shall be
elected by the members of the system for a term of four years according
to such rules and regulations as the Board of Trustees shall adopt to govern
such election, provided however, that the term of office of the first two