2006 New York Code - Retirement; Options In Which Retirement Allowances May Be Taken.

 
    §  13-177  Retirement;  options  in which retirement allowances may be
  taken. Until the first payment on account of any benefit  is  made,  the
  beneficiary, or, if such beneficiary is an incompetent, then the husband
  or  wife  of  such  beneficiary  or,  if  there be no husband or wife, a
  committee of the  estate,  may  elect  to  receive  such  benefit  in  a
  retirement  allowance payable throughout life, or the beneficiary or the
  husband or wife or committee so electing may then elect to  receive  the
  actuarial  equivalent at that time of his or her annuity, if any, his or
  her pension, or his or her retirement allowance in a lesser annuity,  if
  any,  or  a  lesser  pension  or  a lesser retirement allowance, payable
  throughout life with the provision that:
    Option 1. a. If he or she  die  before  he  or  she  has  received  in
  payments  the  present  value  of his or her annuity, if any, his or her
  pension, or his or her retirement allowance, as it was at  the  time  of
  his  or her retirement, the balance shall be paid, in the form of a lump
  sum or the actuarial equivalent in the form of an annuity, to his or her
  legal representatives or to such  person  as  the  beneficiary,  or  the
  husband  or  wife  or  committee  so  electing,  has  nominated or shall
  nominate by written designation duly acknowledged  and  filed  with  the
  board.
    b. A retired member, or upon the death of a retired member, the person
  nominated  by  him  or  her  as  his  or her beneficiary, may provide by
  written designation duly executed and filed with  such  board  that  the
  actuarial  equivalent of a benefit otherwise payable in a lump sum shall
  be paid to the person designated in the form of an  annuity  payable  in
  installments not more than once a month.
    Option  2.  Upon  his or her death, his or her annuity, if any, his or
  her pension, or his or her  retirement  allowance,  shall  be  continued
  throughout  the  life  of and paid to such person as the beneficiary, or
  the husband or wife or committee so electing,  has  nominated  or  shall
  nominate  by  written  designation  duly acknowledged and filed with the
  board at the time of his or her retirement.
    Option 3. Upon his or her death, one-half of his or  her  annuity,  if
  any,  his  or  her pension, or his or her retirement allowance, shall be
  continued throughout the  life  of  and  paid  to  such  person  as  the
  beneficiary,  or  the  husband  or  wife  or  committee so electing, has
  nominated or shall nominate by written designation duly acknowledged and
  filed with the board at the time of his or her retirement.
    Option 4. Upon his or her death, some other benefit or benefits  shall
  be  paid  to  such  other  person  or persons as the beneficiary, or the
  husband or wife  or  committee  so  electing,  has  nominated  or  shall
  nominate,  provided  such  other benefit or benefits, together with such
  lesser  annuity,  if  any,  or  lesser  pension,  or  lesser  retirement
  allowance,  shall  be  certified  by  the  actuary of the board to be of
  equivalent actuarial value to his or her annuity, if  any,  his  or  her
  pension  or  his  or  her retirement allowance, and shall be approved by
  such board.
    For purposes of this section,  the  words  "pension"  and  "retirement
  allowance"       shall      be      deemed      to      include      the
  pension-providing-for-increased-take-home-pay, if any.