Levy v. New York City Teachers' Retirement Board

Petitioner was a public school teacher in the city of New York. She was a member of the Teachers ’0 Retirement System from the time of its establishment in 1917. Under the teachers’ retirement statute, petitioner when retired had the right to choose the manner in which her retirement allowance should be paid. This choice included a selection of the maximum allowance to be paid during petitioner’s own life, or one of three options under any one of which she would receive a reduced allowance during her lifetime with payment of a certain amount thereafter to a beneficiary to be selected by…