§ 2.124.2430 — Options permitted

2.124.2430 Options permitted.

The optional settlements provided for in this chapter are as follows: Option 1: If he or she dies before he or she receives in lesser annuity payments the amount of his or her accumulated contributions as it was at his or her retirement, the balance of such accumulated contributions shall be paid in his or her estate or to such person, having an insurable interest in his or her life, as he or she shall nominate by written designation duly executed and filed with the retirement system manager; or Option 2: Upon his or her death, his or her lesser retirement allowance shall be continued throughout the life of and paid to such person, having an insurable interest in his or her life, as he or she shall nominate by written designation duly executed and filed with the retirement system manager at the time of his or her retirement; or Option 3: Upon his or her death, one-half of his or her lesser retirement allowance shall be continued throughout the life of and paid to such person having an insurable interest in his or her life as he or she shall nominate by written designation duly executed and filed with the retirement system manager at the time of his or her retirement. (Prior code § 34.15.1503)