48 LAWS OF MARYLAND [CH. 10

ment, such election shall be void and of no effect, and the benefits pay-
able on his account shall be the same as though his election had not
been filed and he had died in active service. 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 pay-
ment of his allowance becomes normally due.

Option 1. [If the member dies before he has received in annuity
payments the present value of his annuity computed as of the time
of his retirement, the balance shall be paid to such person, if any,
having an insurable interest as he shall nominate by written desig-
nation duly acknowledged and filed with the Board of Trustees, other-
wise to his estate; or] // the member 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 repre-
sentatives or to such person as he shall nominate by written desig-
nation duly acknowledged and filed with the Board of Trustees; or

Option 2. Upon his death, his reduced retirement allowance [s]
shall be continued throughout the life of and paid to such person
having an insurable interest as he shall nominate by written desig-
nation 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 such
person having an insurable interest 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, pro-
vided such other benefit or benefits, together with the reduced retire-
ment 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.

SEC. 2. And be it further enacted, That this Act shall take effect
July 1, 1962.

Approved March 23, 1962.

CHAPTER 10
(Senate Bill 16)

AN ACT to add a new Section 40 (g) to Article 73B of the Anno-
tated Code of Maryland (1957 Edition and 1961 Supplement), title
"Pensions", sub-title "Social Security Benefits", to follow immedi-
ately after Section 40 (f) thereof, adding to the law, concerning

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.