Section 77. Deferred applications for retirement

Notwithstanding other
  provisions of this chapter and of the rules and regulations  established
  pursuant  thereto, or any provisions of law to the contrary, a member of
  the retirement system, who is entitled  to  a  retirement  allowance  by
  reason of having reached retirement age or by reason of having completed
  the  requisite  number  of  years of accredited service to qualify for a
  retirement allowance, may file with  the  retirement  system  a  written
  application  for  retirement  in the form required for such application,
  but requesting that such retirement shall become  effective  as  of  the
  time  of  his  death, electing one of the options provided under section
  ninety of this chapter and nominating a beneficiary under said option as
  provided therein. In all such cases, the application shall  be  held  by
  the  retirement  system  until the member shall file a later application
  for retirement or until the death  of  the  member  occurring  while  in
  service,  at  which  time his retirement shall become effective with the
  same benefits to the  designated  beneficiary  as  if  such  member  had
  retired on the day immediately preceding his death.
    If  the  beneficiary  nominated under section ninety should predecease
  the  member  prior  to  his  retirement,  the  member  may  name  a  new
  beneficiary  in accordance with the provisions of section ninety. If the
  member fails  to  nominate  a  new  beneficiary,  the  benefits  payable
  hereunder shall be paid to the beneficiary nominated by the member under
  the provisions of section sixty of this article.
    In  the event that such a member does not file such an application for
  retirement in the form required by subdivision a of section seventy-four
  of this article, or does file such an application and sets forth a  date
  as  of  which  he desires to be retired, but such member dies before the
  effective date of such retirement, he shall be deemed to have retired on
  the day immediately preceding his death. If the member has not  filed  a
  form  selecting  an  option  under  which  he  desired to be retired, as
  provided by subdivision c of section ninety of this article, he shall be
  considered as having elected to retire under option one as set forth  in
  section ninety of this article. If at the time of his death there is not
  on file such a nomination of a beneficiary to receive the benefits under
  option  one,  such  benefits shall be paid to the beneficiary designated
  under section sixty of  this  article.  Alternatively,  the  beneficiary
  hereunder  may  elect  to  receive  the  ordinary  death benefit and the
  reserve for increased take-home pay provided by section  sixty  of  this
  article,  plus  the  return  of  the  member's accumulated contributions
  provided by section fifty-one of this article, plus loan  insurance,  if
  any, provided by section fifty of this article.
    The  provisions of this section and the privileges accorded hereunder,
  shall apply only in those cases where death  occurs  on  or  after  July
  first,  nineteen  hundred  sixty-two  and  on  or before June thirtieth,
  nineteen hundred sixty-three.