Vermont § 1941 - Optional benefits

§ 1941. Optional benefits

• (a)(1) On or before the 15th day of the calendar month in which the first payment on account
  of a retirement allowance becomes normally due, but not later than the date on which
  the payment becomes normally due, each member shall elect to receive the member’s
  retirement allowance in accordance with one of the following forms of payment: (A) Option 1. A retirement allowance payable during the member’s life computed pursuant to section 1937 or 1938 of this title, whichever is applicable. (B) Option 2. A reduced retirement allowance payable during the member’s life, with the provision
  that at the member’s death a lump sum equal in amount to the difference between his
  or her accumulated contributions at the time of his or her retirement and the sum
  of the annuity payments actually made to him or her during his or her lifetime shall
  be paid to the person, if any, as he or she has nominated by written designation duly
  acknowledged and filed with the Board; or in the absence of a written designation
  of beneficiary, or in the event the designated beneficiary is deceased, the residual
  amount payable as a result of the death of the member after retirement shall be payable
  as follows: