49-14-504 - Benefits payable upon death of retired member -- Enhanced benefit election -- Rulemaking.
49-14-504. Benefits payable upon death of retired member -- Enhanced benefitelection -- Rulemaking.
(1) If a retiree who retired under either Division A or Division B dies, the retiree's spouseat the time of death of the retiree shall receive an allowance equal to 65% of the allowance thatwas being paid to the retiree at the time of death.
(2) (a) Notwithstanding the amount of the allowance under Subsection (1), at the time ofretirement, a retiree may elect to increase the spousal death benefit to 75% of an allowancecomputed in accordance with Section 49-14-402.
(b) If an election is made under Subsection (2)(a), the member's allowance shall bereduced to an amount payable monthly for life to reflect the actuarial equivalent necessary to payfor the increased spousal death benefit above 65%.
(3) (a) For a retiree whose retirement date is before July 1, 2009, the office shall providean optional spousal death benefit to bring the total spousal death benefit up to 75% of anallowance computed in accordance with Section 49-14-402.
(b) A retiree may elect to purchase the optional spousal death benefit until July 1, 2010.
(c) If an election is made under Subsection (3)(b), the retiree's allowance shall be reducedto an amount payable monthly for life to reflect the actuarial equivalent necessary to pay for theincreased spousal death benefit above 65%.
(d) The board shall make rules to administer the death benefit under this Subsection (3).
(4) If the retiree retired solely under Division B and dies leaving unmarried childrenunder the age of 18 or dependent unmarried mentally or physically disabled children, the childrenshall qualify for a benefit as prescribed for children under Subsection 49-14-502(1)(c) which ispayable on the first day of the month following the month in which the retiree died.
Amended by Chapter 224, 2009 General Session