§ 45-21.2-21 - Optional annuity protection – Death while employee or inactive member status.
SECTION 45-21.2-21
§ 45-21.2-21 Optional annuity protection– Death while employee or inactive member status. – The election under option 1 may be made by the member while in service;provided, that the member has at least ten (10) years of membership service,and before retirement, on a form prescribed by the retirement board. Theelection is based upon the amount of retirement allowances or actuarialequivalents that may accrue at the date of death of the member; provided, thatthe election form is executed and filed with the retirement board prior to thedate of death. The election may be revoked or modified by the member at anytime prior to the date of retirement, on a form prescribed by the retirementboard; provided, that, during this time, the named beneficiary has not beendivorced from the member. Upon death of a member making this election, theoption selected becomes effective thirty (30) days after the first day of thecalendar month following the date of death of the member if death occurs whilein an employee status. Should death occur while in an inactive member status,the option selected under this section becomes payable on the first of themonth succeeding that in which the designated beneficiary attains the age ofsixty (60) years.