5258

VETOES

No ordinary death benefit shall be paid for the death
of any member if a special death benefit is paid for the
same.

[(c) A retired member may elect to change his or
her beneficiary, in which event, the allowance for a
subsequent election shall be computed on the value of the
balance in his or her reserves at the time the change in
beneficiary is made.]

(11) In lieu of the disability or service allowances
payable under the aforesaid provisions, a member who at the
time of retirement does not have a spouse who would be
entitled to a benefit under § 53(2) [(c)](B) or § 53(4)(c)
or § 53(6)(c) may, prior to the first retirement allowance
payment normally due, elect a reduced 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. If a member dies 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 the election had not been filed. 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 the allowance becomes
normally due.

(1)  If the member dies before receiving in
payments the present value of his or her retirement
allowance as it was at the time of retirement, the balance
shall be paid to his or her legal representatives or to such
person nominated by the member's written designation duly
acknowledged and filed with the board of trustees; or

(2)  Upon the member's death, the reduced
retirement allowance shall be continued throughout the life
of and paid to such person nominated by written designation
duly acknowledged and filed with the board of trustees at
the time of retirement; or

(3)  Upon the member's death, one half of the
reduced retirement allowance shall be continued throughout
the life of and paid to such person nominated by the
member's written designation duly acknowledged and filed
with the board of trustees at the time of retirement; or

(4)  Some other benefit or benefits shall be paid
either to the member or to such person or persons nominated,
if those other benefit or benefits, together with the
reduced retirement allowance, are certified by the actuary
to be of equivalent actuarial value to the retirement
allowance, and are approved by the board of trustees.