§ 90. 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. The beneficiary so designated may elect by written\ndesignation, duly executed and filed with the comptroller, to receive\nthe balance payable in the form of an annuity, the amount of which shall\nbe determined as the actuarial equivalent of such balance on the basis\nof regular interest and the age of such beneficiary at the time of the\nretiree's death, or in the alternative to receive the actuarial\nequivalent of such balance in the form of a reduced annuity payable for\nlife, with the further proviso that if he should die before the annuity\npayments received by him are equal to such actuarial equivalent, the\nbalance thereof shall be paid in a lump sum to his estate or to such\nperson as he shall have designated to receive same. In either case the\nelection shall be made within ninety days after the death of the\nretiree. The designation of the individual who is to receive such lump\nsum on the death of the beneficiary, may be changed by the beneficiary\nat any time. Such election, designation or change shall be made by a\nwriting, duly executed and filed with the comptroller. In the event a\ndesignated beneficiary has elected to receive a balance payable in the\nform of a reduced annuity, and the person designated by him to receive a\nlump sum payment does not survive him, such lump sum, if any, shall be\npayable to the estate of the designated beneficiary or as provided in\nsection one thousand three hundred ten of the surrogate's court\nprocedure 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 made within ninety days after the\ndeath of the retiree. The designation of the individual who is to\nreceive such lump sum on the death of the beneficiary, may be changed by\nthe b
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