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Session Laws, 2006
Volume 750, Page 4977   View pdf image
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RESOLUTION
(ii) An amount equal to the member's annual salary, if any, at the time of
death. (2) If a member has designated more than one beneficiary, the lump-sum death
benefit provided in paragraph (1) of this subsection shall be divided equally among the
beneficiaries. (c) Election to receive survivor allowance. (1)  Instead of the lump-sum death benefit payable under subsection (b) of this
section, the member's surviving spouse or if the member is not survived by a spouse or if the
surviving spouse knowingly and in writing waives the right to a benefit under this subsection on
a form provided by the State Retirement Agency, the designated beneficiary may elect to receive
a survivor allowance equal to one-half of the retirement allowance that would be payable to the
member if the member were living and eligible to receive a retirement allowance. The Board of
Trustees shall pay the survivor allowance: (i) To the member's surviving spouse for life, commencing on the date of
the member's death; or (ii) If there is no surviving spouse or if the surviving spouse knowingly
and in writing waives the right to a benefit under this subsection on a form provided by the State
Retirement Agency, to the designated beneficiary for life, commencing: 1.  On the member's death, if the designated beneficiary is then at
least age 62; 2.  On the designated beneficiary attaining age 62, if the designated
beneficiary has not attained 62 years of age on the member's death; or 3.  At any time after the designated beneficiary attains age 55 but
before the designated beneficiary attains age 62, if the designated beneficiary makes the election
set forth in subsection (d) of this section. (2)   If a member has designated more than one beneficiary, the multiple
beneficiaries may not elect to receive the survivor allowance provided in paragraph (1) of this
subsection. (d) Election to receive reduced survivor allowance. (1) Instead of the survivor allowance payable to the designated beneficiary on
attaining age 62, the designated beneficiary may elect to receive a reduced survivor allowance
commencing at any time after the designated beneficiary attains age 55 if the designated
beneficiary completes and submits an application for a reduced survivor allowance stating the
date on which the designated beneficiary desires to receive the reduced survivor allowance.
4972


 
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Session Laws, 2006
Volume 750, Page 4977   View pdf image
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