In the event of the marriage of any beneficiary or in the event that any minor beneficiary other than the surviving spouse of the deceased policeman or fireman shall attain the age of 21 years and shall be under no mental or physical disability preventing self-support and shall not be attending a school or college deemed accredited by the Board of Trustees, and there are other beneficiaries remaining, the funds remaining in the hands of the trustee bank shall be reallocated for the use and benefit of the other beneficiary or beneficiaries in the following manner:
The trustee bank shall first determine the amount of the original award, in accordance with subparagraphs (1) to (27) inclusive of Section 3-8-120 which would have been made to the remaining beneficiary or beneficiaries had such former beneficiary not been a beneficiary upon the date of the original award.
If the award thus determined is less than the original award made, the trustee bank shall ascertain the amount to be held by it for the benefit of the remaining beneficiary or beneficiaries by adding to the award thus determined the total interest received by the trust fund from the inception and by deducting from the sum of the redetermined award and the interest received, the total amount actually paid to or for the benefit of the remaining beneficiary or beneficiaries. If the balance actually remaining in the trust (taken at its market value) is in excess of the net balance (taken at the face value) found to be due to remaining beneficiary or beneficiaries, such excess shall revert to the city and be credited to the general corporate fund by the comptroller.
If the balance actually remaining in the trust (taken at its market value) is less than the amount (taken at face value) found due to the remaining beneficiary or beneficiaries as aforesaid, the entire balance remaining in the trust shall be held by the trustee bank for the use and benefit of the remaining beneficiary or beneficiaries in accordance with the terms hereof.
(Prior code § 22-15; Amend Coun. J. 6-22-22, p. 48708, § 1)