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Session Laws, 1975
Volume 716, Page 3291   View pdf image
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MARVIN MANDEL, Governor

3291

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] 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 retirement; or

Option 4. Some other benefit or benefits shall be
paid either to the member or to [such] THE person or
persons [as] he [shall nominate] HAS NOMINATED , provided
[such] THE 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 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 in accordance with § 11 (3) (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 redetermined on the basis of the provisions
of § 11 (3) as in effect on July 1, 1973.

(C)        [[A MEMBER MAY AT ANY TIME CHANGE HIS

BENEFICIARY OR BENEFICIARIES.]] A RETIRED MEMBER MAY
ELECT TO CHANGE HIS OR HER BENEFICIARY, IN WHICH EVENT,
THE ALLOWANCE FOR A SUBSEQUENT ELECTION SHALL BE COMPUTED

 

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Session Laws, 1975
Volume 716, Page 3291   View pdf image
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