2023 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