(a) A new beneficiary under a "Cash Refund-Contributions" option (Option One-half), or a "Cash Refund-Initial Value" option (Option One) may be designated at any time during the member's life.
(b) A new beneficiary under any other option may be designated at any time within the period provided for the making of an election pursuant to this section. d. In the event of the death of a retired member, the installment of his retirement allowance, which would have become due and payable next following his death, shall be pro-rated as of the date of his death. The amount of such installment, as so pro-rated, shall be paid as follows: 1. If the member shall have:
(a) Elected to receive an optional benefit pursuant to this section, and
(b) Designated a beneficiary pursuant to this section, such amount shall be paid to such beneficiary, if such beneficiary survives him. In any other case such amount shall be paid to the retired member's estate or pursuant to section one thousand three hundred ten of the surrogate's court procedure act. 2. If the member shall not have elected to receive an optional benefit, such amount shall be paid to the beneficiary designated by him pursuant to subdivision d of section three hundred fifty-one of this article. In the event the appropriately designated beneficiary does not survive such member, or if he shall not have so designated a beneficiary, such amount shall be payable to the retired member's estate or pursuant to section one thousand three hundred ten of the surrogate's court procedure act. e. 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.