(1) A member eligible for a normal, late, or early retirement pension may elect to receive a reduced pension payable to the member and, upon the member's death a reduced benefit to the member's designated beneficiary. The board shall establish such options by rule in a manner that provides for an actuarial equivalent benefit of the normal or early retirement pension otherwise payable.(2) If a member reaches age eligibility for a normal, vested, or early retirement pension, and dies before making an election allowed pursuant to subsection (1) of this section or before the first pension payment has been deposited, and is survived by a spouse, dependent child, or designated beneficiary, the member shall be considered to have elected an actuarially reduced pension and retired on the day before the member's death. Payable to the members spouse, dependent child, or designated beneficiary, such reduced pension shall be payable to the member's designated beneficiary. A spouse, dependent child, or designated beneficiary of a member who has not yet reached age eligibility may elect to receive an actuarially reduced benefit beginning on the date that the member would have reached age

t child, or designated beneficiary of a member who has not yet reached age eligibility may elect to receive an actuarially reduced benefit beginning on the date that the member would have reached age eligibility in lieu of a death benefit under part 8 of article 31 of this title 31 and in lieu of a refund of member contributions pursuant to section 31-31.5-411.Amended by 2023 Ch. 303,§ 78, eff. 8/7/2023.Added by 2022 Ch. 61, § 1, eff. 8/10/2022.2023 Ch. 303, was passed without a safety clause. See Colo. Const. art. V, § 1(3). 2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).