6966 - Laserfiche WebLink

Home Browse Search

1 2. The death benefit under this section shall be paid in a single lump sum, or in such other form as the board of trustees shall approve, as soon as practicable after the active member's death. 3. An active member shall designate his or her beneficiary in accordance with rules and procedures established, and upon forms provided, by the board of trustees. 4. The board of trustees may, but is not required to, purchase a life insurance policy to provide the death benefit under subsection B.1 Y` of this section. In the event the board of trustees purchases such a policy, the terms and conditions of the policy shall supersede the provisions of this section (except subsections B.1, B.5 and B.6 of this section or as otherwise required under the Internal Revenue Code) to the extent inconsistent herewith. 5. After an active member becomes eligible for retirement or terminates service entitled only to a deferred retirement benefit under Section 2.62.470.A, subsection B of this section 2.62.430 shall be inapplicable, and death benefits, if any, shall be determined solely under the applicable provisions of Section 2.62.405. C. There shall be paid upon the death of any employee eligible for retirement under Section 2.62.400 or Section 2.62.410 but who has not yet retired, the following: 1. To the employee's surviving spouse, provided such employee shall have been married to such surviving spouse for three years or more prior to the employee's death, a monthly benefit of fifty percent (50%) of the monthly benefit the employee would have received if retired until the death or remarriage of such surviving spouse; 2. To the lawful guardian of such employee's surviving minor unmarried child or children under the age of eighteen (18) years, provided such child or children shall have been born within ten months after the employee's retirement or the employee's death in service, a monthly benefit of ten percent of the monthly base salary as previously described for such child or children until such child or children attain the age of eighteen (18) years or marry; provided, the combined monthly payments to such surviving spouse and children shall in no case exceed sixty percent (60%) of the monthly base salary, and in which event the thirty-five percent (35%) maximum benefit for the eligible children shall be prorated between them; provided, further, that if there is no surviving