§ 77 — Deferred applications for retirement

§ 77. Deferred applications for retirement. Notwithstanding other\nprovisions of this chapter and of the rules and regulations established\npursuant thereto, or any provisions of law to the contrary, a member of\nthe retirement system, who is entitled to a retirement allowance by\nreason of having reached retirement age or by reason of having completed\nthe requisite number of years of accredited service to qualify for a\nretirement allowance, may file with the retirement system a written\napplication for retirement in the form required for such application,\nbut requesting that such retirement shall become effective as of the\ntime of his death, electing one of the options provided under section\nninety of this chapter and nominating a beneficiary under said option as\nprovided therein. In all such cases, the application shall be held by\nthe retirement system until the member shall file a later application\nfor retirement or until the death of the member occurring while in\nservice, at which time his retirement shall become effective with the\nsame benefits to the designated beneficiary as if such member had\nretired on the day immediately preceding his death.\n If the beneficiary nominated under section ninety should predecease\nthe member prior to his retirement, the member may name a new\nbeneficiary in accordance with the provisions of section ninety. If the\nmember fails to nominate a new beneficiary, the benefits payable\nhereunder shall be paid to the beneficiary nominated by the member under\nthe provisions of section sixty of this article.\n In the event that such a member does not file such an application for\nretirement in the form required by subdivision a of section seventy-four\nof this article, or does file such an application and sets forth a date\nas of which he desires to be retired, but such member dies before the\neffective date of such retirement, he shall be deemed to have retired on\nthe day immediately preceding his death. If the member has not filed a\nform selecting an option under which he desired to be retired, as\nprovided by subdivision c of section ninety of this article, he shall be\nconsidered as having elected to retire under option one as set forth in\nsection ninety of this article. If at the time of his death there is not\non file such a nomination of a beneficiary to receive the benefits under\noption one, such benefits shall be paid to the beneficiary designated\nunder section sixty of this article. Alternatively, the beneficiary\nhereunder may elect to receive the ordinary death benefit and the\nreserve for increased take-home pay provided by section sixty of this\narticle, plus the return of the member's accumulated contributions\nprovided by section fifty-one of this article, plus loan insurance, if\nany, provided by section fifty of this article.\n The provisions of this section and the privileges accorded hereunder,\nshall apply only in those cases where death occurs on or after July\nfirst, nineteen hundred sixty-two and on or before June thirtieth,\nnineteen hundred sixty-three.\n