49-18-502 - Benefits payable upon death of retired member.
49-18-502. Benefits payable upon death of retired member.
(1) (a) The death benefit payable to a retiree's spouse at the time of death is an allowanceequal to 65% of the allowance which was being paid to the retiree at the time of death.
(b) The effective date of the accrual of this allowance is the first day of the monthfollowing the month in which the retiree died.
(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 up to 75% of an allowancecomputed in accordance with Section 49-18-402.
(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%.
Amended by Chapter 224, 2009 General Session