HARRY HUGHES, Governor

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DIED IN ACTIVE SERVICE. A MEMBER WHO HAS ELECTED AN
OPTIONAL BENEFIT MAY CHANGE THIS ELECTION BY NOTIFYING THE
BOARD OF TRUSTEES, BUT A CHANGE MAY NOT BE MADE AFTER THE
FIRST PAYMENT OF HIS ALLOWANCE NORMALLY BECOMES DUE.

OPTION 1. IF A 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 PERSONAL REPRESENTATIVE OR TO THE PERSON HE HAS MOST
RECENTLY NOMINATED BY WRITTEN DESIGNATION, ACKNOWLEDGED AND
FILED WITH THE BOARD OF TRUSTEES.

OPTION 2. ON THE DEATH OF A MEMBER, HIS REDUCED
RETIREMENT ALLOWANCE SHALL BE CONTINUED THROUGHOUT THE LIFE
OF AND PAID TO THE PERSON HE HAS NOMINATED BY WRITTEN
DESIGNATION, ACKNOWLEDGED AND FILED WITH THE BOARD OF
TRUSTEES AT THE TIME OF HIS RETIREMENT.

OPTION 3. ON THE DEATH OF A MEMBER, ONE-HALF OF HIS
REDUCED RETIREMENT ALLOWANCE SHALL BE CONTINUED THROUGHOUT
THE LIFE OF AND PAID TO THE PERSON HE HAS NOMINATED BY
WRITTEN DESIGNATION, ACKNOWLEDGED AND FILED WITH THE BOARD
OF TRUSTEES AT THE TIME OF HIS RETIREMENT; OR

OPTION 4. SOME OTHER BENEFIT SHALL BE PAID EITHER TO
THE MEMBER OR TO THE PERSON HE HAS NOMINATED, PROVIDED THE
OTHER BENEFIT TOGETHER WITH THE REDUCED RETIREMENT
ALLOWANCE, IS CERTIFIED BY THE ACTUARY TO BE OF EQUIVALENT
ACTUARIAL VALUE TO HIS RETIREMENT ALLOWANCE, AND IS APPROVED
BY THE BOARD OF TRUSTEES.

(B) IF A RETIRED MEMBER ELECTS TO CHANGE HIS
BENEFICIARY, THE ALLOWANCE FOR A SUBSEQUENT ELECTION SHALL
BE COMPUTED ON THE VALUE OF THE BALANCE IN HIS RESERVES AT
THE TIME THE CHANGE IN BENEFICIARY IS MADE.

(13) A RETIRED MEMBER MAY ACCEPT TEMPORARY EMPLOYMENT
WITH THE STATE, A PARTICIPATING MUNICIPAL CORPORATION, A
COMMUNITY COLLEGE, OR A PUBLIC SCHOOL SYSTEM IN THE STATE,
WITHOUT REDUCTION IN THIS RETIREMENT ALLOWANCE, IF:

(A)   HE IMMEDIATELY NOTIFIES THE BOARD OF HIS
INTENTION TO ACCEPT THIS EMPLOYMENT;

(B)   HE SPECIFIES THE COMPENSATION TO BE
RECEIVED FOR IT;

(C)   THE TEMPORARY EMPLOYMENT IS NOT IN A
REGULARLY ALLOCATED POSITION; AND

(D)   THE RETIREMENT ALLOWANCE RECEIVABLE BY HIM
COMPUTED WITHOUT OPTIONAL MODIFICATION, PLUS THE ANNUAL
COMPENSATION FOR THE POSITION, DOES NOT EXCEED IN AMOUNT THE
AVERAGE FINAL COMPENSATION ON WHICH THE RETIREMENT ALLOWANCE
WAS BASED. THE ANNUAL EARNINGS OF THE RETIRED MEMBER SHALL
BE DETERMINED BY THE DIFFERENCE BETWEEN HIS RETIREMENT
ALLOWANCE AT THE TIME OF HIS RETIREMENT AND HIS AVERAGE
FINAL COMPENSATION.