The surviving spouse, in the event of death of the member after qualification for but before service retirement, may elect before the first payment of the allowance, to directly receive a benefit equal to that provided in Section 2.124.780 of this chapter in lieu of the allowance which otherwise would be continued to such spouse under this article. If there is no surviving spouse, the guardian of the child or children under age of eighteen (18), may make such election, and if there are no such children, the dependent parent or parents may make such election. (Prior code § 34.05.530)