Section 11665.1 - Option to withdraw accumulated deductions and accumulated interestIf authorized by action of the board as an option for its members, any member of the county retirement system who is eligible to retire and receive a superannuation retirement allowance, an involuntary retirement allowance or a voluntary retirement allowance after twenty years of service may elect to receive, in one payment, the full amount of the accumulated deductions and accumulated interest thereon standing to his credit in the members' annuity reserve account at the time of his retirement. Any member who makes such an election shall forfeit the member's annuity portion of his retirement allowance but shall continue to be entitled to the county annuity portion upon retirement if he is otherwise so entitled. Any member who exercises the option provided for in this section may elect to receive his county annuity payable throughout life or to receive the actuarial equivalent of his county annuity in a lesser retirement allowance payable throughout life with provisions that:
(1) Option One. If the member dies before receiving in payments the present value of his county annuity as it was at the time of his retirement, the balance shall be paid to the member's legal representative or to a person or persons having an insurable interest in his life, as the member shall nominate by written designation, duly acknowledged and filed with the board at the time of his retirement or at any time thereafter.(2) Option Two. Upon the member's death his county annuity shall be continued through the life of and paid to such person having an insurable interest in his life, as the member shall nominate by written designation, duly acknowledged and filed with the board at the time of his retirement.(3) Option Three. Upon the member's death, one-half of his county annuity shall be continued through the life of and paid to such person having an insurable interest in his life, as the member shall nominate by written designation, duly acknowledged and filed with the board at the time of his retirement.1971, Aug. 31, P.L. 398, No. 96, § 15.1, added 1985, July 3, P.L. 132, No. 35, § 2, effective in 60 days.