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with section 26-~2. <br /> <br />Section 26-41. Optional benefits. <br /> <br /> (a) Each member who retires under any of the provisions <br />of this article shall have the right at any time, not subsequent to <br />the later of the effective date of the m~er's retirement or the <br />date of the written notification to the board of the retirement of <br />the me~er~ to elect to have his retirement allowance payable under <br />any one of the applicable options set forth in this section in lieu <br />of the retirement allowance that would otherwise be payable to him. <br />The amount of any such optional re~iremen_ allowance shall be the <br />actuarial equivalent of the amount of the retirement allowance <br />that would otherwise be payable to him. The me~er shall make any <br />such election by written request to the board and such election <br />shall be ~' ' ~ <br /> suD]e~u to the approval of the board. <br /> <br />(1) <br /> <br />Joint and last survzvor option: The member <br />may elect to receive a decreased retirement <br />allowance during his lifetime and having such <br />decreased aliowance~ or a designated fraction <br />thereof, continued after his death to a desig- <br />nated beneficzary during the subsequent life- <br />time of such beneficiary. <br /> <br />(2) <br /> <br />Social Security option. If a member retires <br />prior to his normal retirement date, he may <br />elect to receive an increased retirement al- <br />wance up to his normal retirement date and <br />a decreased retirement allowance thereafter~ <br />thereby providing $ more nearly level total <br />retirement income when such decreased retire- <br />ment atlovJance is added to his anticipated <br />primary benefits under the Social Security <br />Act. <br /> <br />(3} <br /> <br />Other options: The member may elect some <br />other combination of benefits to be paid to <br />the menfoer and/or to such other person or <br />persons as the member shall designate. <br /> <br /> (b) The election by a member of any one of the options <br />stated in this section shall be null and void if the member dies <br />prior to retirement, and the election by a member of the joint and <br />last survivor option shall be null and void if the designated bene- <br />ficiary dies before the member has retired. <br /> <br /> (c) A member who has elected any one of the options <br />stated in this section may, at any time prmor to the later of the <br /> <br />-14- <br /> <br /> <br />