Unless a generational member's required beginning date for retirement occurs first, the retirement benefit of a generational member is effective in accordance with whichever of the following is last:
(1) The first day of the month following the date on which the member's contributory service terminated;
(2) The first day of the month following an intervening complete calendar month after the date on which the member's written application for retirement benefits is received by the system; or
(3) The first day of the month specified in the member's application for retirement.
The last payment of the member's benefit is for the month in which the member's death occurs.