(a) The provisions of sections 90 and 390 of the Retirement and Social Security Law permit a retiring member to select an optional settlement of his retirement allowance. Such an option selection is to be filed with the Comptroller any time before the first payment of a benefit becomes normally due, except that in the case of retirement on account of disability, such an election may be made within 30 days after mailing by the Comptroller of notification of approval of retirement on account of disability. To assist retiring members in the selection of an option, the Retirement System prepares an estimate of benefits which will be available to the applicant. The estimate sets forth the information which is necessary and pertinent for the member to select the retirement settlement most suited for him and his beneficiary.

(b) In the event a retired member dies within 30 days after the effective date of his retirement, and before his optional election becomes effective, sections 60 and 360 of the Retirement and Social Security Law, among other things, provide that his designated beneficiary shall be entitled to the ordinary death benefit. However, should a retired member die more than 30 days after the effective date of retirement, and without having selected an option, sections 90 (bb [2]) and 390 (bb [2]) mandate that he be deemed to have been retired under option one-half, which provides only for the return of the member's accumulated contributions, if any. In this latter case, no benefit will be paid to the beneficiary of a noncontributory member, since he will have had no accumulated contributions to his credit. Based upon the authority set forth in sections 90 (bb [1]) and 390 (bb [1]), this Part is promulgated to ensure that the provisions of sections 90 (bb [2]) and 390 (bb [2]) will not become applicable in the case of a pensioner who dies within 60 days following the effective date of retirement without making an effective election of an option, and: