§ 2.26. Election of optional retirement benefits.

A member of Division A entitled to a retirement benefit, other than the disability benefit as provided in Section 2.19 or Section 2.21, may elect ninety (90) days or more prior to his retirement date to have a retirement benefit payable under one of the options set forth in Section 2.27 in lieu of all the benefits he may otherwise be entitled to receive. The benefit shall be paid in accordance with the terms of the option elected. A member of Division A may revoke his election of an option, and he may make a new election at any time at least ninety (90) days prior to retirement; provided, however, that if his beneficiary or contingent annuitant, as the case may be, dies prior to retirement, he may elect a new option at any time prior to retirement. Election of any option shall be subject to the approval of the pension commission and shall be made by the member of Division A in writing and in such manner and form as the pension commission may prescribe. The beneficiary or contingent annuitant last designated by the member of Division A prior to the date he delivers written application for an option to the pension commission shall be the beneficiary or contingent annuitant, as the case may be, to receive any benefits payable after his death. The election of option A or option B by a member of Division A shall be null and void if the member of Division A or his contingent annuitant, as the case may be, dies before benefits commence.