At the date of retirement for service or retirement for disability:
A. If a member of this plan has no spouse, child or dependent parent who would qualify for the continuance of an allowance after the death of said member, such member may elect before the first payment of the retirement allowance to receive the actuarial equivalent of his or her allowance, partly in a lesser allowance to be received by the member throughout life and partly in other benefits payable after such member's death to another person or persons; or
B. If a member of this plan has a spouse or child or dependent parent who would qualify for the continuance of an allowance after the death of said member, such member may elect before the first payment of the retirement allowance to receive the actuarial equivalent of the portion of his or her allowance which would not be continued to his or her spouse, child or dependent parent, as the case may be, upon his or her death, partly in a lesser allowance to be received by the member throughout life and partly in other benefits payable after such member's death to another person or persons including his or her spouse, child or dependent parent, as the case may be.
An election under this section shall be subject to all the conditions prescribed by this chapter to govern similar elections by other members of the retirement system. (Prior code § 34.06.641)