Until the first payment on account of any benefit is made, the beneficiary, or, if such beneficiary is an incompetent, then the husband or wife of such beneficiary or, if there be no husband or wife, a committee of the estate, may elect to receive such benefit in a retirement allowance payable throughout life, or the beneficiary or the husband or wife or committee so electing may then elect to receive the actuarial equivalent at that time of his or her annuity, if any, his or her pension, or his or her retirement allowance in a lesser annuity, if any, or a lesser pension or a lesser retirement allowance, payable throughout life with the provision that:
Option 1.
a. If he or she die before he or she has received in payments the present value of his or her annuity, if any, his or her pension, or his or her retirement allowance, as it was at the time of his or her retirement, the balance shall be paid, in the form of a lump sum or the actuarial equivalent in the form of an annuity, to his or her legal representatives or to such person as the beneficiary, or the husband or wife or committee so electing, has nominated or shall nominate by written designation duly acknowledged and filed with the board.
b. A retired member, or upon the death of a retired member, the person nominated by him or her as his or her beneficiary, may provide by written designation duly executed and filed with such board that the actuarial equivalent of a benefit otherwise payable in a lump sum shall be paid to the person designated in the form of an annuity payable in installments not more than once a month.
Option 2. Upon his or her death, his or her annuity, if any, his or her pension, or his or her retirement allowance, shall be continued throughout the life of and paid to such person as the beneficiary, or the husband or wife or committee so electing, has nominated or shall nominate by written designation duly acknowledged and filed with the board at the time of his or her retirement.
Option 3. Upon his or her death, one-half of his or her annuity, if any, his or her pension, or his or her retirement allowance, shall be continued throughout the life of and paid to such person as the beneficiary, or the husband or wife or committee so electing, has nominated or shall nominate by written designation duly acknowledged and filed with the board at the time of his or her retirement.
Option 4. Upon his or her death, some other benefit or benefits shall be paid to such other person or persons as the beneficiary, or the husband or wife or committee so electing, has nominated or shall nominate, provided such other benefit or benefits, together with such lesser annuity, if any, or lesser pension, or lesser retirement allowance, shall be certified by the actuary of the board to be of equivalent actuarial value to his or her annuity, if any, his or her pension or his or her retirement allowance, and shall be approved by such board. For purposes of this section, the words "pension" and "retirement allowance" shall be deemed to include the pension-providing-for-increased-take-home-pay, if any.