The election under option 1 may be made by the member while in service; provided, that the member has at least ten (10) years of membership service for members terminating on or before June 30, 2012, or at least five (5) years of membership service for members terminating on or after July 1, 2012, and before retirement, on a form prescribed by the retirement board. The election is based upon the amount of retirement allowances or actuarial equivalents that may accrue at the date of death of the member; provided, that the election form is executed and filed with the retirement board prior to the date of death. The election may be revoked or modified by the member at any time prior to the date of retirement, on a form prescribed by the retirement board; provided, that, during this time, the named beneficiary has not been divorced from the member. Upon death of a member making this election, the option selected becomes effective thirty (30) days after the first day of the calendar month following the date of death of the member if death occurs while in an employee status. Should death occur while in an inactive member status, the option selected under this section becomes payable on the first of the month succeeding that in which the designated beneficiary attains the age of sixty (60) years.
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