§ 77. Deferred applications for retirement. Notwithstanding other
provisions of this chapter and of the rules and regulations established
pursuant thereto, or any provisions of law to the contrary, a member of
the retirement system, who is entitled to a retirement allowance by
reason of having reached retirement age or by reason of having completed
the requisite number of years of accredited service to qualify for a
retirement allowance, may file with the retirement system a written
application for retirement in the form required for such application,
but requesting that such retirement shall become effective as of the
time of his death, electing one of the options provided under section
ninety of this chapter and nominating a beneficiary under said option as
provided therein. In all such cases, the application shall be held by
the retirement system until the member shall file a later application
for retirement or until the death of the member occurring while in
service, at which time his retirement shall become effective with the
same benefits to the designated beneficiary as if such member had
retired on the day immediately preceding his death.

If the beneficiary nominated under section ninety should predecease
the member prior to his retirement, the member may name a new
beneficiary in accordance with the provisions of section ninety. If the
member fails to nominate a new beneficiary, the benefits payable
hereunder shall be paid to the beneficiary nominated by the member under
the provisions of section sixty of this article.

In the event that such a member does not file such an application for
retirement in the form required by subdivision a of section seventy-four
of this article, or does file such an application and sets forth a date
as of which he desires to be retired, but such member dies before the
effective date of such retirement, he shall be deemed to have retired on
the day immediately preceding his death. If the member has not filed a
form selecting an option under which he desired to be retired, as
provided by subdivision c of section ninety of this article, he shall be
considered as having elected to retire under option one as set forth in
section ninety of this article. If at the time of his death there is not
on file such a nomination of a beneficiary to receive the benefits under
option one, such benefits shall be paid to the beneficiary designated
under section sixty of this article. Alternatively, the beneficiary
hereunder may elect to receive the ordinary death benefit and the
reserve for increased take-home pay provided by section sixty of this
article, plus the return of the member's accumulated contributions
provided by section fifty-one of this article, plus loan insurance, if
any, provided by section fifty of this article.

The provisions of this section and the privileges accorded hereunder,
shall apply only in those cases where death occurs on or after July
first, nineteen hundred sixty-two and on or before June thirtieth,
nineteen hundred sixty-three.