BLAIR LEE III, Acting Governor                         1689

86.

(8) (a) [With the provision that no optional
selection shall be effective in case a beneficiary dies
within 30 days after retirement, and that such a beneficiary
shall be considered as an active member at the time of
death, until the first payment on account of any benefit
becomes normally due, any member may elect to receive his
benefit in a retirement allowance 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:]
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 EFFECTIVE DATE OF RETIREMENT, 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 person as he shall
nominate 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 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 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.