2015 New York Laws
RSS - Retirement & Social Security
Article 11 - (Retirement & Social Security) LIMITATIONS APPLICABLE TO NEW ENTRANTS
447 - Options.

  447.  Options. a. A member of a retirement system who is subject to
  the provisions of this article shall at the time of retirement have  two
  additional  options  available  to  him  which  shall  be  the actuarial
  equivalent of his retirement allowance without optional modification:
(1) A "five-year certain option" under which payment is  made  to  the
  pensioner  for  life  but  is  guaranteed  for  a  minimum of five years
  following retirement; and
(2) A "ten-year certain option" under which payment  is  made  to  the
  pensioner  for  life  but  is  guaranteed  for  a  minimum  of ten years
  following retirement.
b. No retirement system shall make available to any member subject  to
  the provisions of this article an option which provides for payment to a
  beneficiary  or  to an estate of the balance of the present value of the
  reserve attributable to employer contributions established at  the  time
  of retirement upon the death of the member in retirement.
c.  Notwithstanding  any  other  provision  of this article, an option
  selection previously filed by a member or retired member subject to  the
  provisions  of  this  section  may  be changed no later than thirty days
  following the date of payability of his or her retirement  allowance.  A
  retired  member who has been retired for disability may change an option
  selection previously filed no later than (1) thirty days  following  the
  date  on  which  such member's application for disability retirement was
  approved by the retirement board or (2) thirty days following  the  date
  on which such retiree was retired for disability, whichever is later.