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tiremen~ allowance that would otherwise be payable to him. The <br />amount of any such optional retirement allowance shall be the ac- <br />tuarial equivalent of the amount of the retirement allowance that <br />would otherwise be payable ~o him~ The member shall make any such <br />election by written request to ~he board and such election shall <br />be subject to the ~pprovat of the board. <br /> <br />(1) <br /> <br />Joint and last survivor option: The member <br />may elect to receive a decreased retirement <br />allowance during his lifetime and have such <br />decreased allowance, or a designated frac- <br />tion thereof, continued after his death to <br />a designated beneficiary during the subse- <br />quent lifetime of such beneficiary° <br /> <br />(2) <br /> <br />Othem options: The me~ber m~.y elect some <br />other combination of benefits to be paid <br />to the member and/or to such other person <br />or 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 <br />and last surv~vor option shall be null and void if the designated <br />beneficiary dies before the member has retired. <br /> <br /> (c) A me~ber who has elected any one of the options <br />stated in this section may, at any t~r~e prior to the later of <br />the effective date of the member's retirement or the date of writ- <br />ten notification ~o the board of retirement of the m~mber, revoke <br />such an election by written notification to the board. <br /> <br />Section 26-87. Payment of deatk benefits. <br /> <br /> Ail lump sum payments falling due under this article <br />upon the death of a member or former member shall be paid to such <br />person or persons, if any~ as the me~ber shall have designated to <br />the beneficiary thereof~ otherwise to the executors or a~inistrators <br />of the member. Any such beneficiary designation shall be ~.ade in <br />writing and filed with the board in such manner as may be required <br />by the board. ~ny such designation may be changed from time to <br />time by the member by his filing with the board a new ~,~itten desig- <br />nation. <br /> <br />-I0- <br /> <br /> <br />