Section 470-B. Options

1. A guard or employee, entitled to a retirement
  pension under section four hundred seventy of this article, or if he  is
  an incompetent, his spouse or the committee of his property, or if he is
  a conservatee, his spouse or the conservator of his property, may, if he
  shall  have  completed thirty-five years of service allowable under such
  section, elect to receive the actuarial equivalent of his pension at the
  time of his retirement, in the form of a smaller pension payable to  him
  for life and one of the following optional settlements:
    Option  One.  If  he dies before he has received payments equal to the
  present value of his pension, as it was at the time of  his  retirement,
  the balance thereof shall be paid to his estate or to the beneficiary so
  designated.
    Option  Two.  Upon  his  death, the pension in an amount equal to that
  paid to him shall be paid for life to the beneficiary so designated.
    Option Three. Upon his death, a pension of one-half the amount paid to
  him shall be paid for life to the beneficiary so designated.
    Option  Four.  Such  other  optional  benefit  or  benefits   as   the
  commissioner  of correction, with the approval of the comptroller, shall
  approve and which shall be the actuarial equivalent of  his  pension  at
  the time of his retirement.
    2.  All  elections under this section shall be made on blanks prepared
  by the commissioner of correction for that purpose.  Any  such  election
  may  be  made  at  any  time, but not less than thirty days prior to the
  effective date of the retirement of such guard or employee.
    An optional election shall  not  become  effective  if  the  guard  or
  employee  dies  before  the  effective date of his retirement, or within
  thirty days after the filing  in  the  office  of  the  commissioner  of
  correction  of  the  application  for  his retirement. An election of an
  option may be withdrawn or a new option may be chosen within the  period
  provided  in this subdivision two for the making of such an election. In
  all cases where an optional election is not  made  or  does  not  become
  effective, retirement shall be without option.
    3.  A  person  having  an insurable interest in the life of a guard or
  employee may be designated by such guard or employee, or by  the  person
  authorized  by  this  section  to make an election in his behalf, as his
  beneficiary  under  any  of  the  options  herein  provided.  Each  such
  designation shall be:
    a.  Made  in  writing  on  a  blank  provided  by  the commissioner of
  correction for such purpose, and
    b. Ineffective until it is filed in the commissioner's office, and
    c. Revocable to the extent that:
    (1) A new beneficiary under Option One may be designated at  any  time
  during the life of the guard or employee.
    (2)  A new beneficiary under any other option may be designated at any
  time within the period provided for the making of an  election  pursuant
  to this section.