Effective Date of Retirement. Except as provided in §A(2) of this regulation, if the Board of Trustees grants a disability retirement to an applicant and the applicant accepts the disability retirement as provided in Regulations .03 and .04 of this chapter, the applicant's effective date of retirement is the later of the: First day of the month following the last day the applicant was on payroll, as certified by the applicant's employer; First day of the month following the date the Retirement Agency receives a properly completed Statement of Disability and Preliminary Application for Disability Retirement; or First day of the month when the applicant desires to retire as set forth on the Application for Disability Retirement that is properly completed and submitted to the Retirement Agency. The effective date of retirement may not be later than 120 days from the date of the Disability Unit’s notice to the applicant. Payment of Retirement Allowance. Except as provided in §B(2) of this regulation, as soon as practicable after the Board of Trustees grants a disability retirement, the Retirement Agency shall: Process the applicant’s Application for Disability Retirement and begin payment of the disability retirement allowance; and Make a retroactive payment of the disability retirement allowance to the applicant as of the first day of the month following the applicant's effective date of retirement, if necessary. The Retirement Agency may not pay an applicant a disability retirement allowance before the Board of Trustees grants the retirement allowance for disability.