The optional provisions of § 36-10-18 shall be applicable only to a member applying for a service retirement allowance, an accidental disability retirement allowance, and an ordinary disability retirement allowance or any inactive member applying for retirement under vested rights. The election under option 1 or 2 of § 36-10-18(a) shall be made at the time of retirement of the member as part of his or her application for a retirement allowance. The election shall be based upon the amount of retirement allowances that may accrue at the date of death of the member and may be revoked or modified by the member at any time after retirement on a form prescribed by the retirement board, provided that, during this time, the named beneficiary has not been divorced from the member. The option, in the case of death of a retired member, shall become effective on the next day following the death of the member and payment of benefits thereunder shall be made in accordance with the provisions hereof, subject to the limitations prescribed in § 36-10-18. This section shall not apply to any one who elects the social security supplemental option as provided by § 36-10-10.3.
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