§ 390. Options. a. A member; or if he is an incompetent, his spouse or\nthe committee of his property; or if he is a conservatee, his spouse or\nthe conservator of his property, may elect to receive a Single Life\nAllowance (a retirement allowance without optional modification) or to\nreceive the actuarial equivalent of his retirement allowance at the time\nof his retirement, in the form of a smaller retirement allowance payable\nto him for life and one of the following optional settlements.\n Cash Refund-Contributions (Option One-half). If he dies before he has\nreceived annuity payments equal to the present value of his annuity, as\nit was at the time of his retirement, the balance thereof shall be paid\nto his estate or to a beneficiary designated as provided in this\nsection. In the event a designated beneficiary does not survive him, any\nbalance shall be payable to the estate of the deceased retired member or\nas provided in section one thousand three hundred ten of the surrogate's\ncourt procedure act.\n The beneficiary so designated may elect by written designation, duly\nexecuted and filed with the comptroller, to receive the balance payable\nin the form of an annuity, the amount of which shall be determined as\nthe actuarial equivalent of such balance on the basis of regular\ninterest and the age of such beneficiary at the time of the retiree's\ndeath, or in the alternative, to receive the actuarial equivalent of\nsuch balance in the form of a reduced annuity payable for life, with the\nfurther proviso that if he should die before the annuity payments\nreceived by him are equal to such actuarial equivalent, the balance\nthereof shall be paid in a lump sum to his estate or to such person as\nhe shall have designated to receive same. In either case the election\nshall be within ninety days after the death of the retiree. The\ndesignation of the individual who is to receive such lump sum on the\ndeath of the beneficiary, may be changed by the beneficiary at any time.\nSuch election, designation or change shall be made by a writing, duly\nexecuted and filed with the comptroller. In the event a designated\nbeneficiary has elected to receive a balance payable in the form of a\nreduced annuity, and the person designated by him to receive a lump sum\npayment does not survive him, such lump sum, if any, shall be payable to\nthe estate of the designated beneficiary or as provided in section one\nthousand three hundred ten of the surrogate's court procedure act.\n Cash Refund-Initial Value (Option One). If he dies before he has\nreceived retirement allowance payments equal to the present value of his\nretirement allowance, as it was at the time of his retirement, the\nbalance thereof shall be paid to his estate or to the beneficiary so\ndesignated. In the event a designated beneficiary does not survive him,\nany balance shall be payable to the estate of the deceased retired\nmember or as provided in section one thousand three hundred ten of the\nsurrogate's court procedure act. The beneficiary so designated may elect\nby written designation, duly executed and filed with the comptroller, to\nreceive the balance payable in the form of an annuity, the amount of\nwhich shall be determined as the actuarial equivalent of such balance on\nthe basis of regular interest and the age of such beneficiary at the\ntime of the retiree's death, or in the alternative, to receive the\nactuarial equivalent of such balance in the form of a reduced annuity\npayable for life, with the further proviso that if he should die before\nthe annuity payments received by him are equal to such actuarial\nequivalent, the balance thereof shall be paid in a lump sum to his\nestate or to such person as he shall have designated to receive same. In\neither case the election shall be within ninety days after the death of\nthe retiree. The designation of the individual who is to receive such\nlump sum on the death of the beneficiary, may be changed by the\nbenefic
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