If an electing member shall die prior to final payment of all contributions required by Section 2.124.1430 of this chapter, the credit shall be computed as follows:
A. Any beneficiary of such deceased member may pay to the system, by lump-sum payment, a sum equal to the unpaid balance of required contributions existing upon the date of the member's death. Such payment shall be made within thirty (30) days of the member's death. Upon receipt of such lump-sum payment by the system, the benefit payable to the beneficiary shall be computed as if the unpaid balance of contributions had been received by the system on the day preceding the member's death.
B. In the event no beneficiary elects to make payment as provided in subsection A of this section, the benefits payable to the deceased member's beneficiaries shall be computed by crediting to the deceased member a credit for prior service equal to that which has been purchased by the accumulated contributions of such deceased member on the date of his or her death. For purposes of making the computation provided for in the preceding sentence, the election to take credit for prior service shall be deemed to have been made upon the date of the member's death and the rate of contributions of such member shall be readjusted as if no adjustment had been previously made under Section 2.124.1440 of this chapter. (Prior code § 34.08.805)