A Judicial Retirement System of Texas Plan Two (JRS-II) member applying for service or disability retirement may elect to receive in lieu of the standard annuity or other options, but as an actuarial equivalent thereof, the following service retirement to be known as Option 5: after the retiree's death, three-fourths of the reduced annuity is payable to and throughout the life of the person designated by the member at the time of retirement.