Notwithstanding the provisions of section 50 of P.L.1954, c. 84 (C. 43:15A-50) or any other law, rule or regulation to the contrary, a member with at least 50 years of service, who is over 70 years of age and who dies subsequent to filing and receipt by the retirement system of his application for retirement, but prior to approval by the board and prior to the 30 days required to establish eligibility for a retirement allowance pursuant to section 50 of P.L.1954, c. 84 (C. 43:15A-50), shall be deemed to be retired, and the retirement allowance shall be effective as of the date of death. The retirement allowance shall be payable in accordance with the option elected by the member in the retirement application or, if no election has been made, the board shall make the election.

L.1984, c. 197, s. 1.