§ 36-10-23. Benefit payable on death after retirement.
(a) Upon the death of a member after retirement, unless the member shall have selected
any of the options provided in § 36-10-18, a benefit shall be payable consisting of the excess, if any, of the total contributions
of the member at date of retirement, without interest, over the aggregate amount of
all retirement allowance payments received by the member prior to his or her death.
(b) In addition, a benefit shall be payable upon the death of any retired member, regardless
of date of retirement, consisting of the continuation of the ordinary death benefit
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§ 36-10-23. Benefit payable on death after retirement.
(a) Upon the death of a member after retirement, unless the member shall have selected
any of the options provided in § 36-10-18, a benefit shall be payable consisting of the excess, if any, of the total contributions
of the member at date of retirement, without interest, over the aggregate amount of
all retirement allowance payments received by the member prior to his or her death.
(b) In addition, a benefit shall be payable upon the death of any retired member, regardless
of date of retirement, consisting of the continuation of the ordinary death benefit
provisions of the retirement act into retirement in the full amount, accrued at the
date of retirement, for the first year subsequent to the date of retirement, provided
also that in each succeeding year thereafter this amount shall be reduced on each
retirement anniversary date by twenty-five percent (25%) until twenty-five percent
(25%) of the total amount accumulated as of the date of retirement has been reached,
provided, however, that the amount shall not be reduced to less than four thousand
dollars ($4,000). This sum shall be continued thereafter as the sum payable on death
after retirement.