Ch. 459                             MARVIN MANDEL, Governor                                  941

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 of equivalent actuarial value to his retirement allowance, and shall be
approved by the board of trustees.

(b) Notwithstanding anything to the contrary in this subsection or elsewhere in
this article, whenever any member who is eligible for service retirement under the
provisions of § 11 (1) (a) of this article or who has attained the age of fifty-five
and has rendered fifteen or more years of creditable service dies in service, without
having nominated by written designation a beneficiary other than his spouse,
leaving a surviving spouse with whom he was living as husband or wife on the date
of his death, said spouse shall be entitled to a retirement allowance equal to that
which would have been paid to the surviving spouse under option 2 of this
subsection, had the member elected option 2 in favor of his. spouse and retired
thirty days before his death, where the [pension]; RETIREMENT
ALLOWANCE without optional modification in the case of the member who is
not eligible for service retirement but who has attained age fifty-five and has
fifteen or more years of creditable service is calculated Ion an actuarial equivalent
basis,] in accordance with § 11 (3) [(d)](A) of this article; provided, however, that
if such spouse is the person nominated by the member to receive any benefit under
§ 11 (9) of this article, he may, by written notice filed with the board of trustees
prior to the commencement of such retirement allowance but not more than 60
days after the death of such member, elect to receive a benefit under the provisions
of § 11 (9) in lieu of such retirement allowance. EFFECTIVE JULY 1, 1973,
THE RETIREMENT ALLOWANCE PAYABLE HEREUNDER TO THE
SURVIVING SPOUSE OF A MEMBER WHO DIED PRIOR TO JULY 1,
1973 SHALL BE RE-DETERMINED ON THE BASIS OF THE PROVISIONS
OF SECTION 11(3) AS IN EFFECT ON JULY 1, 1973.

11.

(15) Anything in this article to the contrary notwithstanding any member whose
service is terminated other than by death or retirement after he has rendered
[fifteen] [[FIVE]] [[FOUR]] FIVE, or more years of creditable service may
elect to receive a vested retirement allowance in lieu of the return of his
accumulated contributions. The vested retirement allowance shall be a deferred
allowance commencing at age sixty and shall [consist of;

(a)    An annuity which shall be the actuarial equivalent of the member's
accumulated contributions at age sixty; and

(b)  A pension computed as provided under paragraphs (b), (c) and (e) of § 11
(3) of this article on the basis of his creditable service and average final
compensation at the time his service is terminated.] BE COMPUTED AS A
SERVICE RETIREMENT ALLOWANCE AS PROVIDED UNDER
PARAGRAPH (A) OF SECTION 11(3) OF THIS ARTICLE ON THE BASIS
OF THE MEMBER'S CREDITABLE SERVICE AND AVERAGE FINAL
COMPENSATION AT THE TIME HIS SERVICE IS TERMINATED.

Should the member who has elected a vested retirement allowance request the
return of his contributions or die prior to the date when the first payment of his
retirement allowance becomes normally due, the amount of his accumulated