(a)
Any member who retired for service under Option 4 or Option 5 with an effective date prior to January 1, 1991, may elect to change Option 4 to Option 6 or Option 5 to Option 7 if all of the following conditions are met:
(1)
The election is made during the three-month period commencing January 1, 1999, and ending March 31, 1999.
(2)
The same beneficiary under Option 4 or Option 5 is named as beneficiary under Option 6 or Option 7.
(3)
The change in options is consistent with Sections 22453 and 24322.
(4)
The option beneficiary is not afflicted with any known terminal illness.
(5)
The option beneficiary has not predeceased the retired member as of the effective date of the change in option.
(6)
The election to change the option under this section is received at the system’s headquarters office at least 30 days prior to the death of the option beneficiary.
(b)
Failure to satisfy all of the conditions in subdivision (a) shall render the change of election invalid.
(c)
The change in options under this section shall be effective on the date the election is signed, provided all the conditions set forth in subdivision (a) are satisfied and the election is
received at the system’s headquarters office within 30 days after the date of the signature.
(d)
The election of a new joint and survivor option under this section is subject to a further modification of the modified retirement allowance. In no event may a retired member elect a joint and survivor option that would result in any additional liability to the fund.