(a) In lieu of receiving the retirement benefits provided for in Code Sections 47-25-81 and 47-25-82, upon application for retirement, a member may elect in writing on a form to be prescribed by the board to receive:

(1) A 100 percent joint life annuity payable during the lives of a member and his or her designated survivor; or

(2) A joint and survivor annuity that shall provide for 50 percent of the monthly retirement benefit amount that is paid to the member to be paid to his or her designated survivor following such member's death.

(b) The amount of the retirement benefit payable under this Code section shall be:

(1) Based on the member's age upon retirement;

(2) Based on the age of the member's designated survivor upon the member's retirement; and

(3) Computed so as to be actuarially equivalent to the total retirement benefit amount which would have been paid to the member under Code Sections 47-25-81 and 47-25-82. Such actuarial equivalent shall be computed on actuarial tables to be adopted by the board.

(c)

(1) A designated survivor shall be a person with whom the member has a familial relationship through blood, marriage, or adoption.

(2) If a member is married at the time of such election, his or her spouse shall be the designated survivor unless another person is so designated with the written agreement of such spouse.

(d) If a member makes an election provided in subsection (a) of this Code section in his or her application for retirement, after approval of the application for retirement, the following provisions shall apply:

(1) (A) If a member's designated survivor predeceases such member, he or she may, in writing on forms prescribed by the board and subject to approval by the board, revoke such election and thereafter receive during the member's lifetime a monthly retirement benefit commencing on the date the board approves such revocation, but not for any period prior to such approval.

(B) Such monthly retirement benefit amount shall be equal to the maximum monthly benefit which would have been payable to such member had he or she not made such election.

(2) (A) If there is entered a final judgment of divorce between a member and a designated survivor, such member may, in writing on forms prescribed by the board and subject to approval by the board, revoke such election and thereafter receive during the member's lifetime a monthly retirement benefit commencing on the date the board approves such revocation, but not for any period prior to such approval.

(B) Such monthly retirement benefit amount shall be equal to the maximum monthly benefit which would have been payable to such member had he or she not made such election.