§ 13-565 Retired employees; change of options.

   a.   A beneficiary shall be permitted to change an optional selection as provided in subdivisions b and c of this section.

   b.   A change of optional selection may be made by a twenty-year pension plan retiree having a deferred payability date pursuant to paragraph d of subdivision four of section 13-545 of this chapter (relating to change of conditional elections by such retirees) and subdivision c of section 13-558 of this chapter (relating to change of elections by such retirees).

   c.   If the survivor beneficiary nominated under option two, three or four of section 13-558 of this chapter is a spouse of the retired member, and such person by causes other than death ceases to be his or her spouse or is separated from him or her, or if such option was selected in contemplation of marriage which has not taken place, then the board of estimate shall have authority to permit the change of the optional benefit to the maximum benefit that is the actuarial equivalent by and with the consent of all parties.

§ 13-566 Optional retirement program.

Notwithstanding any other law to the contrary, certain employees of the city university of New York shall be permitted to participate in an optional retirement program pursuant to article one hundred twenty-five-A of the education law.

§ 13-567 Variable annuity funds.

   a.   There shall be established, in addition to the funds already provided for, five funds to be known collectively as the variable annuity funds and individually as: (i) the variable annuity savings fund, (ii) the variable annuity reserve fund, (iii) the variable pension accumulation fund, (iv) the variable pension reserve fund, and, (v) as a segregated portion of the contingency reserve fund, the variable contingency reserve fund, respectively.

   b.   The variable annuity funds A and B shall continue, subject to the provisions of subdivision c of this section.

   c.   Subject to the provisions of subdivision d of section 13-570 of this chapter, the retirement board may, from time to time, establish, modify or abolish such additional variable annuity fund or funds, including, but not limited to such funds as described in subdivision b of this section, each of which shall include (i) a variable annuity savings fund, (ii) a variable annuity reserve fund, (iii) a variable pension accumulation fund, and (iv) a variable pension reserve fund. Each such variable annuity fund shall be invested in the manner described in the resolution creating or modifying the variable annuity fund and the retirement board shall establish a new start date and initial unit value for each such fund.

   d.   In establishing and investing or abolishing the variable annuity funds the retirement board shall take no action that would render the retirement system not a qualified plan under Section 401 (a) of the Internal Revenue Code of 1986 or the tax-deferred annuity program in violation of Section 403 (b) of the Internal Revenue Code of 1986.

   e.   With respect to any member or retired member, a reference to any of the variable annuity funds without further specification shall be taken as a reference to the fund or funds in which such member has an account. A general reference to any one of the variable annuity funds without further specification shall be taken as a reference to the one, or more, or all such funds, according to the context. A provision invoking an election or other transaction which requires a distinction among the variable annuity funds shall apply when such election or other transaction is effective on or after the new start date. Should the retirement board, by resolution, establish one or more additional variable annuity funds pursuant to subdivision c of this section, each such fund or funds shall be governed by and be subject to the provisions specified in this chapter as applicable to funds A and B, as appropriate.