N.Y. Retirement & Social Security Law § 447: Options

§ 447. Options. a. A member of a retirement system who is subject to

the provisions of this article shall at the time of retirement have two

additional options available to him which shall be the actuarial

equivalent of his retirement allowance without optional modification:

(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.