New York Laws
Article 11 - Limitations Applicable to New Entrants
447 - Options.

(1) A "five-year certain option" under which payment is made to the
pensioner for life but is guaranteed for a minimum of five years
following retirement; and
(2) A "ten-year certain option" under which payment is made to the
pensioner for life but is guaranteed for a minimum of ten years
following retirement.
b. No retirement system shall make available to any member subject to
the provisions of this article an option which provides for payment to a
beneficiary or to an estate of the balance of the present value of the
reserve attributable to employer contributions established at the time
of retirement upon the death of the member in retirement.
c. Notwithstanding any other provision of this article, an option
selection previously filed by a member or retired member subject to the
provisions of this section may be changed no later than thirty days
following the date of payability of his or her retirement allowance. A
retired member who has been retired for disability may change an option
selection previously filed no later than (1) thirty days following the
date on which such member's application for disability retirement was
approved by the retirement board or (2) thirty days following the date
on which such retiree was retired for disability, whichever is later.

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