§ 447 — Options

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