49-12-404 - Lump-sum death benefit for retiree and spouse.
49-12-404. Lump-sum death benefit for retiree and spouse.
(1) (a) Upon retirement, a retiree may elect to have the office deduct an actuariallydetermined amount from the retiree's allowance to provide a lump-sum benefit payable to abeneficiary upon the death of the retiree.
(b) Upon retirement, a retiree may also elect to have an actuarially determined amountdeducted from the retiree's allowance to provide a lump-sum death benefit payable to abeneficiary upon the death of the retiree's lawful spouse at the time of retirement.
(c) The board may make rules for the administration of this lump-sum death benefit.
(2) (a) For a retiree who pays for a lump-sum death benefit under this section through areduction of an allowance, benefits shall be paid in accordance with Sections 49-11-609 and49-11-610.
(b) If the retiree chooses Option Three, Four, Five, or Six, and a lump-sum death benefitis payable after the death of the retiree, the allowance shall be restored to its original amount.
(3) (a) A retiree whose retirement date is on or after July 1, 1995, may elect to cancel thelump-sum death benefit under this section.
(b) The cancellation under this Subsection (3) is irrevocable.
(c) Upon cancellation, the allowance shall be restored to its original amount and benefitsunder this section may not be paid.
Amended by Chapter 118, 2004 General Session