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Sectio~ 26-~6,1, Additior~l retirement sl]owance Any person receiving a retirement a~lowance under section 26-32, 26-34 or 26-36 s~all receive an additional retirement allowance based on ~the Consumer ,=rice Ludex as determi~d~by the u. S.' Bureau of Tnhor Statis- tics. Such additional retirement nll~ance shall be a percentage of the- allowance paid such person-during the prece~ling fiscal year and shall be in ~irect ratio to the Consumer Pric. e Index, The additional retirement ~ ~llowauce provided for herein shall be determined on a fiscal year basis ~ only, and no sumh ~llowance shall be paid. to any person~prior to the first day of July occnz~z-ing more than one year after the date of the member's death or retire. In no case sb~ll any persOn's retirement allowance be reduced below the s~ount 'of benefit as orig~n~Ily determined at the time of the m~mher's death or retiren~nt by reason of the operation of ~chis section, Section 26-4~, Optional benefits - (a) Fach ~=mher shall have ~he ~ight at any time, not- subsequent ~ ~o the l~ter of the effective date of the n~har~s..ret~rament or the date ,,,?, ~ ~-or-the written notificati°n to the board~ 0f ~the'~'~etire~nt~'~Of' ~the' member'; '=-~. ~-' to elect to ~ve his retirement allowance payable under any. one' off.the options set' foz-bh in this section in lieu-of the retirement ntlowance otherwise pay- able to him upon retirement under'any o~,the previsions, of this article, -The ~mount of ar~ ~ach o_otional retirement ~al]owance .shali be the actoar~ial ~ eqt~valent-of-the _amount of such retirement allowance otherwise payable to him, The member shall ma~e such an election by written request ~o the board · and such 'sm election sbn~l be subj~ct*t0'the apprdval of the board: £ . (I) St-raig~ht life option. A mamber creased retirement allowance in lieu 6f ~ny death section 26--42, (2) Joint and last ceive a decreased retirement allowance during retirement sl~owance, or~ one half, thereof if his death to s~nother person du~lng the such ~n election death tion 26-40 s~ not be payable upon of may not be elected by a member if (3) of tr~s subsection has previously been elect ~o receive an ir,- pro~_ded Ln a me~er may elect ~o re- and h~ve 'such continued after In case of- sec- Th_is option o~ion of para~ph (3) Social security option, If a member r~tires prior to his no~_l retirav~nt date, he may elect to receive an i~creased retirament al 1 owance ~o to ,his nor~_l retiv~ent date and a ~e6reased retirement allowance thereafter, thereby providing a more ne~ly l~Vzel ret~remenv ~l]~ance when su~ d~e.,cr~ased retirement alloWanc~ is added .to his anti- cipated prdms_~y benez~ts tunder the Federal Social Security Act. The election of 'this ~ption shall automatically revoke tony pre~zious election under the joint ~nd last survivor option of par~ph (2) of this sub- section. (4) Other options, Some other bmuefit or benefits shall be ~ .. oaid e_5.tB~.~ to tho merr~o~ er to such per~on or pmmons as he shall elect.