NY Ret & SS L § 514 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 14 - Coordinated-Escalator Retirement Plan 514 - Options.

§  514.  Options.  a. A member, or if he or she is an incompetent, the   member's spouse or the committee of such member's property, may elect to   receive the actuarial equivalent of the retirement allowance at the time   of retirement, in the form of a smaller retirement allowance payable  to   such member for life and one of the following optional settlements:Option  one.  Upon  the  member's  death, a retirement allowance in an   amount equal to that paid to the member shall be paid for  life  to  the   beneficiary so designated.Option  two. Upon the member's death, a retirement allowance of ninety   percent or less (measured in increments of not less than ten percent) of   the amount paid to such member shall be paid for life to the beneficiary   so designated.Option three. A five-year certain option under which payment  is  made   to  the  member  for  life but is guaranteed for a minimum of five years   following retirement.Option four. A ten-year certain option under which payment is made  to   the  member  for  life  but  is  guaranteed  for  a minimum of ten years   following retirement.Option five. Upon the member's death, a  retirement  allowance  in  an   amount equal to fifty percent or one hundred percent of that paid to the   member  shall  be  paid  for life to such person as he shall nominate by   written designation duly acknowledged  and  filed  with  the  retirement   system  at the time of retirement. Upon the death, prior to the death of   the member,  of  said  person  so  nominated,  the  member  shall  begin   receiving,  in lieu of the allowance then payable, an allowance equal in   amount to that which would have been payable if no optional modification   of the retirement allowance were in effect.a-1. A member of the New York state and  local  employees'  retirement   system or the New York state and local police and fire retirement system   who  retires  pursuant  to the provisions of this article, may elect, in   lieu of the options set forth in subdivision  a  of  this  section,  the   following optional settlement:Alternative   Option.   The   actuarial  equivalent  of  the  member's   retirement allowance at the time of retirement, in the form of a smaller   retirement allowance payable to such members for  life  and  some  other   benefit  or  benefits  paid  either  to  the member or to such person or   persons as he shall nominate, provided such other benefit  or  benefits,   together  with such smaller allowance, shall be certified by the actuary   of such retirement system to be of equivalent  actuarial  value  to  his   retirement  allowance  and  shall  be  approved  by  the  head  of  such   retirement system and provided further that nothing herein shall require   such retirement system to pay a benefit in violation of  paragraph  nine   of subsection a of section four hundred one of the Internal Revenue Code   of 1986, as amended, 26 U.S.C. § 401(a)(9).b.  Upon  attainment  of  early  retirement  age  or age sixty-two, if   earlier, a member who has  not  terminated  employment  or  who  is  not   receiving  service retirement, disability or vested benefits may elect a   survivor annuity under option one or option two to be  payable  on  such   member's  death  during  the  period commencing with attainment of early   retirement age or age sixty-two, if earlier, and  ending  upon  (i)  the   attainment  of normal retirement age or (ii) the date upon which service   retirement or deferred vested benefits commence,  if  earlier  or  later   than  normal  retirement age. In the event of an election hereunder, the   benefits payable to  the  member  or  the  member's  survivor  shall  be   actuarially reduced to reflect the cost of the survivor annuity elected.   Such  survivor  annuity shall be paid in lieu of any other death benefit   available, unless such death  benefit  is  greater  than  such  survivor    annuity,  in  which  event the applicable death benefit shall be paid in   lieu of the survivor benefit hereunder.c.  No  option  hereunder  shall be permitted whereby the member would   receive less than fifty percent  of  the  pension  reserve  during  such   member's  life  expectancy.  Provided,  however,  the preceding sentence   shall not apply if the surviving beneficiary is the member's spouse.** d. 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.** NB There are 2 sb d's** d. Notwithstanding any other provision of this article,  an  option   selection previously filed by a member or retired member of the New York   city teachers' retirement system or the New York city board of education   retirement  system  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 date is later.** NB There are 2 sb d's