VETOES

(m) 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(b)(2) or § 53(d)(3) or § 53(f)(3) 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)  (I) IF THE RETIRED MEMBER DIES BEFORE THE MEMBER
HAS RECEIVED IN PAYMENTS THE VALUE OF THE MEMBER'S ACCUMULATED
CONTRIBUTIONS AS IT WAS AT THE TIME OF RETIREMENT, THE BALANCE
SHALL BE PAID TO THE MEMBER'S LEGAL REPRESENTATIVES OR TO THE
PERSON OR PERSONS THE MEMBER MOST RECENTLY NOMINATED BY WRITTEN
DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD OF
TRUSTEES; OR

(II) 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.

(5)  A retired member may elect to change his or her
beneficiary, in which event, the allowance for a subsequent

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