Section 2
SEC. 2. Section two of the same Act as amended, is further amended to read as follows: ''SEC. 2. Persons "who were retired and paid gratuity under said Republic Act Numbered Three hundred forty and/or Republic Act Numbered Sixteen hundred sixteen as amended, with effective date of retirement after June twenty-two, nineteen hundred fifty-seven and who come within the purview of clauses (a) and (b) of the preceding section may, at their option, elect to receive, in lieu of such gratuity paid to them the annual retirement pay as provided in Section two of the said Act; and upon making-such election, said persons shall, subject to the provisions and limitations hereinafter provided, be entitled to receive the annual retirement pay as provided in Section two of the said Act. The option herein granted may be exercised within five years from the date of the approval of this amendatory Act by the widows and/or minor children of the said retirees who could not exercise the said option by reason of death. Nothing in this section shall be construed as authorizing payment of retirement pay which have accrued prior to the approval of this Act."