§ 45-21.2-13 - Benefit on death of retired member.
SECTION 45-21.2-13
§ 45-21.2-13 Benefit on death of retiredmember. – (a) Upon death of a member after retirement, unless the member has selected anyof the options provided in § 45-21.2-6(c), a benefit is payable consistingof the excess, if any, of the total contributions of the member at date ofretirement, without interest, over the aggregate amount of all retirementallowance payments received by the member prior to his or her death. Thisbenefit is payable whether retirement occurs on account of service or ordinarydisability.
(b) In addition, a benefit is payable upon the death of anyretired member, regardless of the date of retirement, consisting of thecontinuation of the ordinary death benefit provisions of the retirement actinto retirement in the full amount, accrued at the date of retirement, for thefirst year following the date of retirement; provided, that in each succeedingyear this amount is reduced on each retirement anniversary date by twenty-fivepercent (25%) until twenty-five percent (25%) of the total amount accumulatedas of the date of retirement is reached; provided, that the amount is notreduced to less than four thousand dollars ($4,000). This sum shall continuethereafter as the sum payable on death after retirement.
(c) The benefit as provided by § 45-21.2-12(2) ispayable provided the member has not elected the provisions of §45-21.2-6(c).