(a) A member may, upon application for retirement, elect an option pursuant to this part that would provide an actuarially modified retirement allowance payable throughout the life of the member and the memberâs option beneficiary or beneficiaries, as follows: (1) Option 2. The modified retirement allowance shall be paid to the retired member. Upon the retired memberâs death, an allowance equal to the modified amount that the retired member was receiving shall be paid to the option beneficiary. (2) Option 3. The modified retirement allowance shall be paid to the retired member. Upon the retired memberâs death, an allowance equal to one-half of the modified amount that the retired member was receiving shall be paid to the option beneficiary. (3) Option 4. The modified retirement allowance shall be paid to the retired member as long as both the retired member and the option beneficiary are living. Upon the death of either the retired member or the option beneficiary, an allowance equal to two-thirds of the modified amount that the retired member was receiving shall be paid to the surviving retired member or the surviving option beneficiary. (4) Option 5. The modified retirement allowance shall be paid to the retired member as long as both the retired member and the option beneficiary are living. Upon the death of either the retired member or the option beneficiary, an allowance equal to one-half of the modified amount that the retired member was receiving shall be paid to the surviving retired member or surviving option beneficiary. (5) Option 6. The modified retirement allowance shall be paid to the retired member and upon the retired memberâs death, an allowance equal to the modified amount that the retired member was receiving shall be paid to the option beneficiary. (6) Option 7. The modified retirement allowance shall be paid to the retired member and upon the retired memberâs death, an allowance equal to one-half of the modified amount the retired member was receiving shall be paid to the option beneficiary. (7) Option 8. (A) A member may designate multiple option beneficiaries. The member who has designated more than one option beneficiary shall elect an option that the member is authorized to elect subject to subdivision (e) for each beneficiary designated that would provide an actuarially modified retirement allowance payable throughout the lives of the member and the memberâs option beneficiaries upon the memberâs death. (B) The modified retirement allowance shall be paid to the retired member as long as the retired member and at least one of the option beneficiaries are living. Upon the retired memberâs death, an allowance shall be paid to each surviving option beneficiary in accordance with the option elected respective to that beneficiary. The member shall determine the percentage of the unmodified allowance that will be modified by the election of Option 2, Option 3, Option 4, Option 5, Option 6, or Option 7 within this option, the aggregate of which shall equal 100 percent of the memberâs unmodified allowance. The election of this option is subject to approval by the board. (C) A member who is a party to an action for legal separation or dissolution of marriage and who is required by court order to designate a spouse or former spouse as an option beneficiary may designate his or her spouse or former spouse as a sole option beneficiary under subparagraphs (A) and (B). The member shall specify the option elected for the spouse or former spouse and the percentage of his or her unmodified allowance to be modified by the option, consistent with the court order. The percentage of the memberâs unmodified allowance that is not modified by the option shall remain an unmodified allowance payable to the member. The aggregate of the percentages specified for the option beneficiary and the memberâs remaining unmodified allowance, if any, shall equal 100 percent. (b) For purposes of this section, the membe
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