Section 6-26-5 - Election of retirement allowance option; change; irrevocability(a) A member may elect only one retirement allowance option. The retirement allowance option elected by the member may be changed to filing with the system's offices in Honolulu, Kauai, Maui, or Hawaii, written notice of change no later than one business day before the effective date of retirement. Any written notice of change sent by mail shall not be effective unless it is received by the system no later than one business day before the effective date of retirement.(b) Every written notice of change shall contain the duly notarized signature of the member, or the member may execute the change in the presence of a staff member who is authorized by the administrator of the system to accept changes. If a member does not select a retirement allowance option before the member's effective date of retirement, then the default retirement allowance option shall be the maximum allowance option, and the beneficiary shall be the member's estate, if no beneficiary has been designated on the application. Upon the effective date of retirement, the retirement allowance option is irrevocable and cannot be changed.[Eff 2/9/89; am and comp NOV 26 2009] (Auth: HRS § 88-28) (Imp: HRS §§ 88-83, 88-283, 88-333)