A member may elect at retirement, in lieu of the maximum benefit, one of the following options, as applicable:

Lump sum option:

Declining reserve (Tier 1 members only)

Annuity reserve (Tier 1 and Tier 2 members only)

Guarantee option:

5-year

10-year

Alternative option (Tier 1 and Tier 2, Tier 4 through 6 members only)

Alternative option (Tier 3 members only)

Survivor option:

100%

75%

50%

25%

Pop-up option:

100%

75% (Tier 1 and Tier 2, Tier 4 through 6 members only)

50%

25% (Tier 1 and Tier 2, Tier 4 through 6 members only)

Each option is defined in section 5014.2 of this Part.