(A) Each member or retiree shall, on a form provided for that purpose, signed and filed with the Board, designate a beneficiary to receive the benefit, if any, that may be payable in the event of his or her death. Each designation may be revoked or changed by such member or retiree by signing and filing with the Board a new designation form. Upon such change, the rights of all previously-designated beneficiaries to receive any benefits under the system shall forever cease.
(B) If a deceased member or retiree duly failed to name a beneficiary or if all beneficiaries so named predecease the member or retiree, the death benefit, if any, that may be payable under the system with respect to such deceased member or retiree shall be paid to the estate of the member or retiree and the board, in its discretion, may direct that the commuted value of the remaining monthly benefits be paid in a lump sum.
(C) Any such payment hereto shall operate as a complete discharge of all obligations under the system with regard to such member and any other persons with rights under the system, and shall not be subject to review by anyone, but shall be final, binding and conclusive on all persons.
(Ord. 2000-15, passed 5-5-00)