(A) Provision may be made that a member may, prior to his retirement, but not thereafter, elect to receive an actuarial equivalent of his straight life pension in a reduced pension payable throughout his life and nominate a survivor beneficiary; said option election to be effective upon his retirement.
(B) Provision may be made for a pension to the widow or totally and permanently disabled widower of a member whose death occurs while in city service on or after the date he acquires not less than one year of credited service.