(1) The retired member shall submit an application form prescribed by the teachers' retirement board which shall contain the name and social security number of any newly designated beneficiary.

(2) If the change in beneficiary is due to the death of the beneficiary of record, the retired member shall submit a copy of the death certificate.

(3) If the change in beneficiary is due to dissolution of marriage, the retired member shall submit a copy of the decree of dissolution or marital property settlement, whichever provides documentation that the current beneficiary of record is not entitled to receive all or part of the optional allowances as part of the judicial decree.

(4) The effective date to change a retirement allowance shall be the first of the month, following the month in which the application is received.

(5) If the member wishes to retain the same retirement option or change options, the member shall so designate on the application form and also furnish a copy of the beneficiary's birth certificate if the option includes the new beneficiary.