§ 45-21-27. Benefit on death of retired employee.
(a) Upon the death of a member after retirement, unless the member has selected any of
the options provided in § 45-21-30, a benefit is payable consisting of the excess, if any, of the total contributions
of the member at the date of retirement, without interest, over the aggregate amount
of all retirement allowance payments received by the member prior to the member's
death.
(b) In addition, a benefit is payable upon the death of any retired member, regardless
of the date of retirement, consisting of the continuation of the ordinary death benefit
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§ 45-21-27. Benefit on death of retired employee.
(a) Upon the death of a member after retirement, unless the member has selected any of
the options provided in § 45-21-30, a benefit is payable consisting of the excess, if any, of the total contributions
of the member at the date of retirement, without interest, over the aggregate amount
of all retirement allowance payments received by the member prior to the member's
death.
(b) In addition, a benefit is payable upon the death of any retired member, regardless
of the 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,
that in each succeeding year, this amount is 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, that the amount
is not reduced to less than four thousand dollars ($4,000). This sum shall be continued
thereafter as the sum payable on death after retirement.