WILLIAM DONALD SCHAEFER, Governor Ch. 571

designation, duly acknowledged and filed with the board of
trustees at the time of his retirement; or

Option 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 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; OR

OPTION 5. UPON THE BENEFICIARY'S DEATH, THE REDUCED
RETIREMENT ALLOWANCE SHALL BE CONTINUED THROUGHOUT THE LIFE OF
AND PAID TO THE PERSON THE BENEFICIARY NOMINATED BY WRITTEN
DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD OF
TRUSTEES AT THE TIME OF THE RETIREMENT. HOWEVER, IF THE PERSON
SO DESIGNATED PREDECEASES THE BENEFICIARY, THEN FROM THE DATE OF
DEATH OF THAT DESIGNATED PERSON, THE BENEFICIARY SHALL RECEIVE
THE ALLOWANCE AS IF NO OPTIONAL FORM OF PAYMENT WAS ELECTED AT
THE TIME OF RETIREMENT; OR

OPTION 6. UPON THE BENEFICIARY'S DEATH, ONE HALF OF THE
REDUCED ALLOWANCE SHALL BE CONTINUED THROUGHOUT THE LIFE OF AND
PAID TO THE PERSON THE BENEFICIARY NOMINATED BY WRITTEN
DESIGNATION, DULY ACKNOWLEDGED AND FILED WITH THE BOARD OF
TRUSTEES AT THE TIME OF THE RETIREMENT. HOWEVER, IF THE PERSON
SO DESIGNATED PREDECEASES THE BENEFICIARY, THEN FROM THE DATE OF
DEATH OF THAT DESIGNATED PERSON, THE BENEFICIARY SHALL RECEIVE
THE ALLOWANCE AS IF NO OPTIONAL FORM OF PAYMENT WAS ELECTED AT
THE TIME OF RETIREMENT.

117.

(12) (a) Instead of the disability or service allowances
payable under the aforesaid provisions, any member, before the
first retirement allowance payment normally becomes due, may
elect a retirement allowance of equivalent actuarial value in one
of the optional forms set out in this subsection. The election
of the option shall be made on the form provided for that purpose
and shall be filed with the board of trustees. If a member dies
prior to the effective date of his retirement, the election shall
be void and the benefits payable on his account shall be the same
as though his election had not been filed. A member who has
elected an optional benefit may change his election by notifying
the board of trustees, but a change may not be made after the
first payment of his allowance normally becomes due.

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