2006 New York Code - Retirement Of Improved Benefits Plan Members; Options In Which Retirement Allowances May Be Taken.

 
    §  13-370  Retirement  of  improved  benefits plan members; options in
  which retirement allowances may be taken. a. Subject to  the  provisions
  of  subdivision c of this section, until the first payment on account of
  any benefit is made, except pursuant to the provisions of subdivision  d
  of this section any beneficiary who was an improved benefits plan member
  at  the  time  of  his  or her retirement, or, if such beneficiary is an
  incompetent, then the spouse or such beneficiary, or,  if  there  be  no
  spouse,  a committee of the estate, may elect to receive such benefit in
  a retirement allowance payable throughout life, or any such  beneficiary
  or  the  spouse  or  committee so electing may then elect to receive the
  actuarial equivalent at the time of his  or  her  annuity,  his  or  her
  pension,  or  his  or  her retirement allowance in a lesser annuity or a
  lesser pension or a lesser retirement allowance, payable throughout life
  with the provision that:
    Option 1. If he or she die before he or she has received  in  payments
  the  present  value of his or her annuity, 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  to  his  or  her  legal
  representatives or to such person as such beneficiary, or the spouse  or
  committee  so  electing,  has  nominated  or  shall  nominate by written
  designation duly acknowledged and filed with the board.
    Option 2. Upon his or her death,  his  or  her  annuity,  his  or  her
  pension,  or  his  or  her  retirement  allowance,  shall  be  continued
  throughout the life of and paid to such person as such  beneficiary,  or
  the  spouse 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, his
  or her pension, or his or her retirement allowance, shall  be  continued
  throughout  the  life of and paid to such person as such beneficiary, or
  the spouse 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 such beneficiary, or the
  spouse or committee  so  electing,  has  nominated  or  shall  nominate,
  provided  such  other  benefit  or  benefits,  together with such lesser
  annuity, or lesser pension or  lesser  retirement  allowance,  shall  be
  certified  by  the actuary to be of equivalent actuarial value to his or
  her annuity, his or her pension or his or her retirement allowance,  and
  shall be approved by such board.
    b.  For  purposes of this section, the terms "pension" and "retirement
  allowance"      shall      be      deemed      to      include       the
  pension-providing-for-increased-take-home-pay, if any.
    c.  In the case of an improved benefits plan member subject to article
  eleven (as defined in subdivision  four-j  of  section  13-313  of  this
  subchapter)  or any beneficiary who was an improved benefits plan member
  subject to article eleven at the time of such member's  retirement,  the
  provisions of subdivisions a and b of this section shall apply except to
  the  extent  and  in  the  manner that any such provision is modified by
  article eleven.
    d. If a member who is otherwise eligible for  retirement  pursuant  to
  this  section  dies within thirty days after the filing with the pension
  board of the application for retirement pursuant to this section and  it
  is  established that the physical or mental impairment or incapacitation
  of the applicant specified in such application was directly  related  to
  the  cause  of the applicant's death, such application shall be approved


  by  the  pension  board  effective  one  day  before  the  date  of  the
  applicant's death, provided however that:
    (1)  if  a  member  is  entitled  to an ordinary disability retirement
  allowance under the provisions of this subchapter, the benefits provided
  pursuant to section 13-352 of this subchapter shall  be  payable  unless
  the  member would otherwise be entitled to a greater benefit pursuant to
  section 13-346 of this subchapter, in which event  the  greater  benefit
  shall be payable; or
    (2)  if  a  member  is entitled to an accidental disability retirement
  allowance under the provisions of this subchapter, the benefits provided
  pursuant to section 13-353 of this subchapter shall  be  payable  unless
  the  member would otherwise be entitled to a greater benefit pursuant to
  section 13-348 of this subchapter, in which event  the  greater  benefit
  shall be payable.
    e.  Notwithstanding  any  law  to  the  contrary,  for  the purpose of
  electing an option pursuant to this section,  the  pension  board  shall
  notify  the surviving spouse of any applicant described in subdivision d
  of  this  section,  or,  if  no  such  spouse   exists,   the   personal
  representative  of the estate of such applicant of the right of election
  pursuant  to  this  section  and  such  surviving  spouse  or   personal
  representative  of  such  estate may elect any such option within thirty
  days after receipt of such notice.