|(a) Unless otherwise requested timely in a manner provided
by the pension system, payments of a benefit, including a service
or disability retirement annuity, survivor annuity, or lump-sum benefit,
that first becomes payable on or after February 1, 2013, shall be
made by electronic transfer of funds to the recipient's account in
a banking, credit, or savings institution chartered by the federal
or state government, as determined by the recipient.
(b) At any time, a member, retiree, or other beneficiary
of the pension system may elect to have a future payment of a benefit
paid to the person or the person's beneficiaries, in a manner provided
by the pension system, by check, or as provided under subsection (a)
of this section. The pension system shall notify all persons who apply
for service or disability retirement to take effect on or after February
1, 2013, of this option and provide a method for electing this option.