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death benefit% in accordance ~ith section 26-42~ not later thaz~ one year a~%er sach te~v,nina~ion of servic% an additional benefit equal to one thousand dollars shall be payable ~ a imp s~m in accordance ~th section 26~42. Sec. 26-41. Optional benefits. (a) Each mamber who retires for service under any of the provisions of section 26-$1 shall have the right at any times not subsequent to the later of the effective date of the mamber's retirament or the date of the ~ritten notification to the board Of the retirement of the member, va elect to have his retirament allegiance payable urger any one of the op~ions se~ forth in this section in lieu of the retiremen~ atlows~nce otherwise payable to h~m ~ader section 26-32. The amoo~at of any such optio~al retiremen~ allowance shall be the act ~uariat equivalent of the am~un~ of such retirement allowance othe_~ise payable to him. ?ne member shall make such an election by written reques~ to the board and such an election shall be subject to the approval of the board: (1) Straight life option. A member may e~ect to receive a~ increased retirament allow- a~e in lieu of any death benefits as provided in section 26-42. (2) Joint amd last survivor option. The mem- ber may elect to receive a decreased retirament allowance during his lifetime ar~ have su¢~ retire- ment allowanc% or one half thereof if so desig- nated~ continued after his death ~o another person during the lifetime of suc~ person. In case of such an election death benefits that might other- wise be provided uzader section 26-40 shall act be payable upon the death of themember. ~r~s option may not be elected by a mamber if the Social Security op~ion of paragraph (3) of this s~osection has pre~iously been elected. -7-