6966 - Laserfiche WebLink

Home Browse Search

spouse entitled to benefits in any month, the surviving spouse's benefit will be divided equally among the then eligible children, but no child shall be entitled to more than fifty percent (50%) of the surviving spouse's benefit. D. There shall be paid upon the death of any employee retired under subsection 2.62.400 or Section 2.62.410, 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 retirement, a monthly benefit of fifty percent (50%) of the monthly benefit the employee was receiving at the employee's death until the death or remarriage of such 4 x 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%) P maximum benefit for the eligible children shall be prorated between them; provided, further, that if there is no surviving spouse entitled to benefits in any month, the surviving spouse's benefit will be divided equally among the then eligible children, F° but no child shall be entitled to more than fifty percent (50%) of the surviving spouse's benefit. ? E. If any employee dies and there is no surviving spouse or children eligible to receive benefits, a refund as described in Section 2.62.450.A shall be P made to a designated beneficiary or, if none, then to his or her estate. This section shall not apply with respect to employees who are in service on or after September 1, 2000 and have an investment account established under Section 2.62.630.A. 2.62.440 Benefit Adjustments A. There shall be paid to current retirees, except those receiving benefits under Section 2.62.405.C, within the classifications scheduled below, and to current beneficiaries whose spouses retired within these classifications, the additional amounts scheduled; said amounts are in addition to any other benefits they are now entitled to receive: }