N.Y. Retirement & Social Security Law § 77: Deferred applications for retirement

§ 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.