WILLIAM DONALD SCHAEFER, Governor Ch. 571

(3)  Upon the [member's] BENEFICIARY'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]
BENEFICIARY'S written designation, duly acknowledged and filed
with the board of trustees at the time of retirement; or

(4)  (i) If the [retired member] BENEFICIARY dies
before [the member has received] RECEIVING in payments the value
of the [member's] BENEFICIARY'S accumulated contributions as it
was at the time of retirement, the balance shall be paid to the
[member's] BENEFICIARY'S legal representatives or to the person
or persons the [member] BENEFICIARY 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] BENEFICIARY 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; OR

(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

(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.

[(5)] (7) 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 25, 1989.

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