(1) Declining reserve—pursuant to Education Law, section 513(1) (Option 1), a lesser allowance payable over the life of the Tier 1 member with the provision that, if the member dies before the member shall have received in payments the present value of the member's retirement allowance at the time of retirement, the balance of such present value shall be paid to the beneficiary(ies) or the member's legal representatives, if no beneficiary(ies) has been designated.

(2) Annuity reserve—pursuant to Education Law, section 513(1) (Option 4), a lesser retirement allowance payable over the life of the Tier 1 or Tier 2 member with the provision that all pension payments shall cease at the member's death but that, if the member dies before receiving in annuity payments, the present value of the member's annuity at the time of retirement, the balance of such present value shall be paid to the beneficiary(ies) or to the member's legal representatives, if no beneficiary(ies) has been designated.

(1) Five-year—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, section 447(a)(1), Retirement and Social Security Law, section 514(a) (Option 3) and Retirement and Social Security Law, section 610(a) (Option 3), as applicable, a lesser allowance payable over the life of the member with the provision that such allowance shall be guaranteed for a minimum of five years following retirement and, should such member die prior to the end of the five-year period, said payments shall continue to the beneficiary for the unexpired balance of the five-year guarantee period. If such beneficiary shall predecease the member, the commuted value of any remaining installments due during the unexpired portion of the five-year period shall be paid in a single sum to the member's duly designated contingent beneficiary(ies) or legal representatives, if none has been designated. If a beneficiary who has commenced receipt of payments dies prior to the end of the five-year period, the commuted value of any remaining installments due during the unexpired portion of the five-year period shall be paid in a single sum to the member's duly designated contingent beneficiary(ies) or, if no contingent beneficiary(ies) has been designated, to the legal representatives of the beneficiary. A testamentary or inter-vivos trust may be designated in accordance with Part 5013 of this Title as either a primary or contingent beneficiary to receive the commuted value of any such remaining installments, payable in a single sum.

(2) Ten-year—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, section 447(a)(2), Retirement and Social Security Law, section 514(a) (Option 4) and Retirement and Social Security Law, section 610(a) (Option 4), as applicable, a lesser allowance payable over the life of the member with the provision that such allowance shall be guaranteed for a minimum of 10 years following retirement and, should the member die before the end of the 10-year period, said payments shall continue to the beneficiary for the unexpired balance of the 10-year guarantee period. If such beneficiary shall predecease the member, the commuted value of any remaining installments due during the unexpired portion of the 10-year period shall be paid in a single sum to the member's duly designated contingent beneficiary(ies) or legal representatives, if none has been designated. If a beneficiary who has commenced receipt of payments dies prior to the end of the 10-year period, the commuted value of any remaining installments due during the unexpired portion of the 10-year period shall be paid in a single sum to the member's duly designated contingent beneficiary(ies) or, if no contingent beneficiary(ies) has been designated, to the legal representatives of the beneficiary. A testamentary or inter-vivos trust may be designated in accordance with Part 5013 of this Title as either a primary or contingent beneficiary to receive the commuted value of any such remaining installments, payable in a single sum.

(1) For Tier 1 and Tier 2, Tier 4 through 6 members—pursuant to Education Law, section 513(1) (Option 4) and Retirement and Social Security Law, section 610(a-1), a lesser retirement allowance payable over the life of the Tier 1, 2, 4, 5 or 6 member with the provision that upon the member's death a lump sum, guaranteed benefit or other survivor benefit shall be paid to a beneficiary(ies), provided that such benefit(s), together with such lesser retirement allowance, shall be certified by the system's actuary to be of equivalent actuarial value to the maximum benefit and shall be approved by the system's retirement board.

(2) For Tier 3 members—pursuant to Retirement and Social Security Law, section 514(a) (Option 2), a lesser retirement allowance payable over the life of the Tier 3 member with the provision that upon the member's death one per centum to ninety per centum, as elected by such member at retirement, of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by such member at the time of retirement.

(1) 100 percent—pursuant to Education Law, section 513(1) (Option 2), Retirement and Social Security Law, section 514(a) (Option 1) and Retirement and Social Security Law, section 610(a) (Option 1), as applicable, a lesser retirement allowance payable over the life of the member with the provision that upon the member's death such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by such member at the time of retirement.

(2) 75 percent—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, section 514(a) (Option 2) and Retirement and Social Security Law, section 610(a) (Option 2), as applicable, a lesser retirement allowance payable over the life of the member with the provision that upon the member's death three-quarters of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by such member at the time of retirement.

(3) 50 percent—pursuant to Education Law, section 513(1) (Option 3), Retirement and Social Security Law, section 514(a) (Option 2) and Retirement and Social Security Law, section 610(a) (Option 2), as applicable, a lesser retirement allowance payable over the life of the member with the provision that upon the member's death one-half of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by such member at the time of retirement.

(4) 25 percent—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, section 514(a) (Option 2) and Retirement and Social Security Law, section 610(a) (Option 2), as applicable, a lesser retirement allowance payable over the life of the member with the provision that upon the member's death one-quarter of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by such member at the time of retirement.

(1) 100 percent—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, section 514(a) (Option 5) and Retirement and Social Security Law, section 610(a) (Option 5), as applicable, a lesser retirement allowance payable over the life of the member with the provision that upon the member's death the retirement allowance shall be continued through the life of and paid to the beneficiary nominated by such member at the time of retirement and with the further provision that, if such beneficiary shall predecease such member, the retirement allowance payable throughout the remaining life of the member after the date of the beneficiary's death shall be the maximum benefit which would have been paid to the member, had the member not elected such option.

(2) 75 percent (Tier 1 and 2, Tier 4 through 6 members only)—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, Retirement and Social Security Law, section 610(a-1), a lesser retirement allowance payable over the life of a Tier 1, 2, 4, 5 or 6 member with the provision that upon such member's death three-quarters of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by the member at the time of retirement and with the further provision that, if such beneficiary shall predecease such member, the retirement allowance payable throughout the remaining life of the member after the date of the beneficiary's death shall be the maximum benefit which would have been paid to the member, had the member not elected such option.

(3) 50 percent—pursuant to Education Law, section 513(1) (Option 4), Retirement and Social Security Law, section 514(a) (Option 5) and Retirement and Social Security Law, section 610(a) (Option 5), as applicable, a lesser retirement allowance payable over the life of the member with the provision that upon the member's death one-half of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by the member at the time of retirement and with the further provision that, if such beneficiary shall predecease such member, the retirement allowance payable throughout the remaining life of the member after the date of the beneficiary's death shall be the maximum benefit which would have been paid to the member, had the member not elected such option.

(4) 25 percent (Tier 1 and 2, Tier 4 through 6 members only)—pursuant to Education Law, section 513(1) (Option 4) and Retirement and Social Security Law, section 610(a-1), a lesser retirement allowance payable over the life of a Tier 1, 2, 4, 5 or 6 member with the provision that upon such member's death one-quarter of such retirement allowance shall be continued through the life of and paid to the beneficiary nominated by the member at the time of retirement and with the further provision that, if such beneficiary shall predecease such member, the retirement allowance payable throughout the remaining life of the member after the date of the beneficiary's death shall be the maximum benefit which would have been paid to the member, had the member not elected such option.