470-B - Options.
§ 470-b. Options. 1. A guard or employee, entitled to a retirement pension under section four hundred seventy of this article, or if he is an incompetent, his spouse or the committee of his property, or if he is a conservatee, his spouse or the conservator of his property, may, if he shall have completed thirty-five years of service allowable under such section, elect to receive the actuarial equivalent of his pension at the time of his retirement, in the form of a smaller pension payable to him for life and one of the following optional settlements: Option One. If he dies before he has received payments equal to the present value of his pension, as it was at the time of his retirement, the balance thereof shall be paid to his estate or to the beneficiary so designated. Option Two. Upon his death, the pension in an amount equal to that paid to him shall be paid for life to the beneficiary so designated. Option Three. Upon his death, a pension of one-half the amount paid to him shall be paid for life to the beneficiary so designated. Option Four. Such other optional benefit or benefits as the commissioner of correction, with the approval of the comptroller, shall approve and which shall be the actuarial equivalent of his pension at the time of his retirement. 2. All elections under this section shall be made on blanks prepared by the commissioner of correction for that purpose. Any such election may be made at any time, but not less than thirty days prior to the effective date of the retirement of such guard or employee. An optional election shall not become effective if the guard or employee dies before the effective date of his retirement, or within thirty days after the filing in the office of the commissioner of correction of the application for his retirement. An election of an option may be withdrawn or a new option may be chosen within the period provided in this subdivision two for the making of such an election. In all cases where an optional election is not made or does not become effective, retirement shall be without option. 3. A person having an insurable interest in the life of a guard or employee may be designated by such guard or employee, or by the person authorized by this section to make an election in his behalf, as his beneficiary under any of the options herein provided. Each such designation shall be: a. Made in writing on a blank provided by the commissioner of correction for such purpose, and b. Ineffective until it is filed in the commissioner's office, and c. Revocable to the extent that: (1) A new beneficiary under Option One may be designated at any time during the life of the guard or employee. (2) A new beneficiary under any other option may be designated at any time within the period provided for the making of an election pursuant to this section.