You may designate as many beneficiaries as you want if you elect one of the following payment options: I, IV-b, IV-d, and IV-e (Tier I and II members); 3 and 4 (Tier III, IV, and VI members). You may designate only one beneficiary for the other payment options, which provide lifetime benefits to one beneficiary. You may not designate any beneficiary if you elect to receive the Maximum Payment Option. However, no matter which payment option you elect, you may designate as many beneficiaries as you want for the fractional benefit payment and for Death Benefit #2.