(a) In General. Except as hereinafter set forth, no benefit shall be payable hereunder upon or by reason of the death of any participant.
(b) Death Prior to Retirement. A benefit shall be payable to the beneficiary of a participant who dies prior to retirement, in a single payment, in an amount equal to the accumulated contributions as of the date of death of the participant.
(c) Death After Retirement. A benefit shall be payable to the beneficiary of a participant who dies after the payment of monthly retirement benefits has commenced or the participant is eligible to commence the receipt of a retirement benefit as of the date of death of the participant. The benefit shall be payable in an amount equal to the amount payment to the participant as of the date of death and shall continue to the beneficiary until death. Notwithstanding anything contained herein to the contrary, the benefit payable pursuant to this subsection shall only be payable for a maximum of ninety-six monthly payments made in total to the participant and beneficiary. If the participant received at least ninety-six monthly payments prior to death, there shall be no additional payments made hereunder.
(Ord. 2138. Passed 3-15-93; Ord. 2432. Passed 10-20-08.)