Sec.7-448-4. Payment to beneficiary if election of optional retirement salary approved

If a retirement salary becomes payable either to the employee or to the spouse, the payment to the beneficiary provided for in sections 45-266 of the general statutes and 7-440 of the 1961 supplement thereto shall be made only after the death of the survivor of the employee and his spouse, and shall then be made in an amount equal to the excess, if any, of the employee's contributions to the retirement fund over the aggregate of the retirement salary payments made to him and to his spouse. The spouse shall have no right to name or change a beneficiary either before or after the death of the employee. If no named beneficiary survives the employee and his spouse, payments shall be made to the executor or administrator of the employee, except that, if the amount is less than one thousand dollars, the refund may, at the option of the commission, be made in accordance with the terms of section 45-266 of the general statutes.