ALBERT C. RITCHIE, GOVERNOR. 625

payable throughout life, or he may elect to receive the actuarial
equivalent, at that time, of his retirement allowance in a reduced
retirement allowance 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 represent
atives or to such person as he shall nominate by written designa-
tion 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 retire-
ment; or

Option 3. Upon his death, one-half of 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 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.

97. Administration

BOARD OF TRUSTEES

(1) The general administration and responsibility for the
proper operation of the retirement system and for making
effective the provisions of this subtitle 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.

(dl) Two teachers who shall be members of the system arid
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 trustees so