NY Ret & SS L § 390 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 11 - Options 390 - Options.

§ 390. Options. a. A member; or if he is an incompetent, his spouse or the  committee of his property; or if he is a conservatee, his spouse or the conservator of his property, may elect  to  receive  a  Single  Life Allowance  (a  retirement allowance without optional modification) or to receive the actuarial equivalent of his retirement allowance at the time of his retirement, in the form of a smaller retirement allowance payable to him for life and one of the following optional settlements.   Cash Refund-Contributions (Option One-half). If he dies before he  has received  annuity payments equal to the present value of his annuity, as it was at the time of his retirement, the balance thereof shall be  paid to  his  estate  or  to  a  beneficiary  designated  as provided in this section. In the event a designated beneficiary does not survive him, any balance shall be payable to the estate of the deceased retired member or as provided in section one thousand three hundred ten of the surrogate's court procedure act.   The beneficiary so designated may elect by written  designation,  duly executed  and filed with the comptroller, to receive the balance payable in the form of an annuity, the amount of which shall  be  determined  as the  actuarial  equivalent  of  such  balance  on  the  basis of regular interest and the age of such beneficiary at the time  of  the  retiree's death,  or  in  the  alternative, to receive the actuarial equivalent of such balance in the form of a reduced annuity payable for life, with the further proviso that if  he  should  die  before  the  annuity  payments received  by  him  are  equal  to such actuarial equivalent, the balance thereof shall be paid in a lump sum to his estate or to such  person  as he  shall  have  designated to receive same. In either case the election shall be within  ninety  days  after  the  death  of  the  retiree.  The designation  of  the  individual  who is to receive such lump sum on the death of the beneficiary, may be changed by the beneficiary at any time. Such election, designation or change shall be made by  a  writing,  duly executed  and  filed  with  the  comptroller.  In the event a designated beneficiary has elected to receive a balance payable in the  form  of  a reduced  annuity, and the person designated by him to receive a lump sum payment does not survive him, such lump sum, if any, shall be payable to the estate of the designated beneficiary or as provided in  section  one thousand three hundred ten of the surrogate's court procedure act.   Cash  Refund-Initial  Value  (Option  One).  If  he dies before he has received retirement allowance payments equal to the present value of his retirement allowance, as it was at  the  time  of  his  retirement,  the balance  thereof  shall  be  paid to his estate or to the beneficiary so designated. In the event a designated beneficiary does not survive  him, any  balance  shall  be  payable  to  the estate of the deceased retired member or as provided in section one thousand three hundred ten  of  the surrogate's court procedure act. The beneficiary so designated may elect by written designation, duly executed and filed with the comptroller, to receive  the  balance  payable  in the form of an annuity, the amount of which shall be determined as the actuarial equivalent of such balance on the basis of regular interest and the age of  such  beneficiary  at  the time  of  the  retiree's  death,  or  in the alternative, to receive the actuarial equivalent of such balance in the form of  a  reduced  annuity payable  for life, with the further proviso that if he should die before the annuity payments  received  by  him  are  equal  to  such  actuarial equivalent,  the  balance  thereof  shall  be  paid in a lump sum to his estate or to such person as he shall have designated to receive same. In either case the election shall be within ninety days after the death  of the  retiree.  The  designation of the individual who is to receive such lump sum on the  death  of  the  beneficiary,  may  be  changed  by  the beneficiary  at  any time. Such election, designation or change shall be  made by a writing, duly executed and filed with the comptroller. In  the event  a designated beneficiary has elected to receive a balance payable in the form of a reduced annuity, and the person designated  by  him  to receive  a lump sum payment does not survive him, such lump sum, if any, shall be payable to the estate  of  the  designated  beneficiary  or  as provided  in  section  one thousand three hundred ten of the surrogate's court procedure act.   Joint Allowance-Full  (Option  Two).  Upon  his  death,  a  retirement allowance in an amount equal to that paid to him, shall be paid for life to the beneficiary so designated.   Joint  Allowance-Half  (Option  Three).  Upon  his death, a retirement allowance of one-half the amount paid to him shall be paid for  life  to the beneficiary so designated.   Actuarial  Equivalent  Allowance  (Option  Four).  Such other optional benefit or benefits as the comptroller shall approve and which shall  be the  actuarial equivalent of his retirement allowance at the time of his retirement.   aa. In the event that the monthly retirement allowance  payable  to  a member  or  a beneficiary shall amount to less than twenty-five dollars, then and in such event, the member or beneficiary may elect, in lieu  of such  monthly  retirement allowance, to receive the actuarial equivalent thereof in a lump sum.   b. All elections under this section shall be made on  blanks  prepared by  the  comptroller  for that purpose. Any such election may be made at any time before the first payment on  account  of  any  benefit  becomes normally  due,  except  that  in  the  case  of retirement on account of disability, such an election  may  be  made  within  thirty  days  after mailing  by the comptroller of notification of approval of retirement on account of disability.   An optional election shall not become effective  if  the  member  dies before  the  effective  date  of his retirement. Provided, however, if a member who is otherwise eligible for disability retirement  pursuant  to this  chapter  dies after the filing in the office of the comptroller of the application for disability retirement and a  valid  option  election form pursuant to this chapter and it is established that the physical or mental  impairment  or incapacitation of the applicant specified in such application was directly related to the cause of the applicant's  death, such  application shall be approved by the comptroller effective one day before the date of the applicant's death. An election of an  option  may be withdrawn or a new option may be chosen within the period provided in this  subdivision  b  for  the  making  of  such  an election. Except as provided in subdivision b of  section  three  hundred  seventy  of  this article,   where   an  optional  election  does  not  become  effective, retirement shall be without option.   bb. 1. Notwithstanding any other  provision  of  this  section  or  of section  three  hundred  seventy  of  this article, the comptroller, for reasonable cause, shall have power, to extend the time for the  election of  an option, for a period or periods which shall expire not later than sixty  days  immediately  after  the  effective  date  of   a   member's retirement.   2.  Notwithstanding  any  other  provision of this section, but except where payment of accumulated contributions, an ordinary  death  benefit, or  both, is or are required pursuant to subdivision dd of section three hundred fifty-one of this article or subdivision  aa  of  section  three hundred  sixty  of  this  article,  retirement  shall be on the basis of "Option One-half" unless the member files an effective election pursuant to this section to retire on a different basis. The provisions  of  this  paragraph  two  shall  apply  to  cases  where  retirement  shall become effective on or after April first, nineteen hundred sixty-seven.   c.  A member, or person authorized by this section to make an election in his behalf, may designate his beneficiary under any  of  the  options herein provided. Each such designation shall be:   1.  Made  in  writing  on a blank provided by the comptroller for such purposes, and   2. Ineffective until it is filed in the comptroller's office, and   3. Revocable to the extent that:  (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.