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Session Laws, 1975
Volume 716, Page 3290   View pdf image
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[Ch. 751

death of a member in service, and provided that no
benefit is payable under the provisions of § 11 (11) (b)
of this article, there shall be paid to the member's
estate or to [such] THE person [as] the member [shall
have] HAS nominated by written designation duly executed
and filed with the Board of Trustees:

(i) The member's accumulated contributions;

(ii) If the member has one or acre years of
creditable service, an amount equal to the member's
annual earnable compensation at the time of death.

(b) The board of trustees is authorized to take
[such] THE steps [as are] necessary to provide the death
benefit under this subsection in the form of group life
insurance, if, in the opinion of the board of trustees,
[such] THAT provision would allow a more favorable tax
treatment of the benefit to the beneficiaries [thereof].

(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. Should a member die prior to
the expiration of thirty days after the date of the
filing of [such] THE election or prior to [thirty] 30
days after retirement, [such] 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 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 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 [such] THE
person [as] he [shall nominate] 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 [such] THE person as he [shall nominate] HAS
NOMINATED by written designation duly acknowledged and
filed with the board of trustees at the time of his


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Session Laws, 1975
Volume 716, Page 3290   View pdf image
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