NY Ret & SS L § 610 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15 - Coordinated Retirement Plan 610 - Options.

§ 610. Options. a. Until the effective date of retirement a member 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  such   person as he shall nominate by written designation duly acknowledged and   filed with the retirement system at the time of retirement.Option  two.  Upon  the  member's  death,  a  retirement  allowance of   seventy-five percent or less  (measured  in  increments  of  twenty-five   percent)  of  the  amount  paid to such 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.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. Such payments shall continue to  a  person  as  he   shall  nominate by written designation, duly acknowledged and filed with   the retirement system,  for  the  unexpired  balance  of  the  five-year   guaranteed  period.  If  said  beneficiary  should  predecease  him, the   commuted value of any installments due during the unexpired  balance  of   the  five-year guaranteed period shall be paid in a single sum to a duly   designated contingent  beneficiary  or  if  none  exists  to  the  legal   representative  of  the  member.  Should a beneficiary who has commenced   receipt of the payments die before the said guaranteed  minimum  period,   the  commuted value of any installments due during the unexpired balance   of the five-year guaranteed period shall be paid in a single  sum  to  a   duly  designated  contingent beneficiary or if none exists, to the legal   representative of said deceased primary beneficiary.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. Such payments shall continue to  a  person  as  he   shall  nominate by written designation, duly acknowledged and filed with   the retirement  system,  for  the  unexpired  balance  of  the  ten-year   guaranteed  period.  If  said  beneficiary  should  predecease  him, the   commuted value of any installments due during the unexpired  balance  of   the  ten-year  guaranteed period shall be paid in a single sum to a duly   designated contingent  beneficiary  or  if  none  exists  to  the  legal   representative  of  the  member.  Should a beneficiary who has commenced   receipt of the payments die before the said guaranteed  minimum  period,   the  commuted value of any installments due during the unexpired balance   of the ten-year guaranteed period shall be paid in a  single  sum  to  a   duly  designated  contingent  beneficiary or if none exists to the legal   representative of said deceased primary beneficiary.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 teachers' retirement system or the   New York state  and  local  employees'  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 member  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 the appropriate 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. No option hereunder shall be permitted  whereby  the  member  would   receive  less  than  fifty  percent  of  the actuarial equivalent of the   retirement allowance without optional modification during such  member's   life  expectancy.  Provided,  however,  the preceding sentence shall not   apply if the surviving beneficiary is the member's spouse.c. The mortality and interest rates used in determining options  under   this  article  shall be those in effect for the public retirement system   on the date of retirement.d. Notwithstanding any other provision of this section,  with  respect   to the New York state employees' retirement system:1.  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; and2. If the member is 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 on the member's behalf a  retirement  option  as   provided for in subdivision a of this section.e.  Notwithstanding  any  other provision of this section, a member of   the New York state teachers' retirement system at the time of retirement   may elect an option until the first payment on account  of  any  benefit   becomes normally due.* f.  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 f's* f.  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 f's