By application dated September 7, 1955, decedent applied to appellant New York State Employees' Retirement System, of which she was a member, for retirement from active service. On September 26, 1955, she executed an election to receive the retirement allowance designated "No Option", whereby she would receive monthly payments aggregating $2,005 per year during her lifetime and no payment of any kind would thereafter be paid to her estate or any named beneficiary. Her retirement...
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