(1) Effective date; monthly installments. Retirement benefits granted under the provisions of this Title shall accrue commencing the day following retirement, and shall be payable in equal monthly installments to and including the date of the member's death, and shall not be increased, decreased, revoked or suspended except as otherwise provided in this Title or this Code. Payment of retirement benefits is made at the end of each month and continues for the rest of the retired member's lifetime. When the retired member dies, benefit payments stop unless the member elected or is entitled to a survivorship benefit option pursuant to § 22-306 (Retirement and Survivor Benefit Options).

(2) Remaining sums. When a retired member dies and letters testamentary or of administration have not been taken out on the estate of such retired member, the Board may pay any sums remaining due directly to:

(a) the spouse;

(b) any person who shall have paid the funeral expenses of the member or to the political subdivision which shall have paid such funeral expenses; or

(c) in the event neither (a) nor (b) above applies, then such sum may be applied to any outstanding funeral-related expenses.

(3) No payments below specified amount. If the monthly benefit which any retired or disabled member, survivor or beneficiary is or becomes entitled to receive is in an amount less than five dollars ($5.00), the Board shall pay such person the actuarial equivalent of such benefit in a lump sum, and such payment shall satisfy in full the Retirement System's obligation to pay the monthly benefit during the entire lifetime of the retired or disabled member, survivor or beneficiary. No election may be made pursuant to § 22-306 (Retirement and Survival Benefit Options) which would result in a monthly benefit payable to any member, survivor or beneficiary of less than five dollars ($5.00).

(4) Payments to minors or mentally disabled. Payments of benefits to any minor or mentally disabled person may be made to a duly appointed guardian, or natural guardian, a person having custody of or maintaining the minor, a person having custody of or maintaining the mentally disabled person, or any person who has assumed responsibility for the maintenance of the minor or mentally disabled person. "Person" under this subsection shall include an organization or institution. Payment to such person shall discharge the City, the Board and the Retirement System of any obligation with respect to such benefit.

(5) Third party claims. Any claim to benefits under this Title made by or on behalf of a person other than the payee designated under this Chapter, and/or any challenge to the Board's determination of the appropriate payee shall be subject to the provisions of 20 Pa. C.S. § 8704.

(6) Required beginning date. Notwithstanding any provision of this Title to the contrary, payment of any retirement benefit to which a member is entitled (regardless of the nature of the retirement benefit or the option in which it is payable) shall commence on or before such member's required beginning date.