In the event of the death of a member before his or her retirement date, the death benefit shall be a lump sum payment equal to his or her member’s account and employer’s account. In the event of the death of an inactive member before his or her retirement date, the death benefit shall be a lump sum payment equal to the amount in the inactive member’s account at the date of death. The death benefit shall be paid to the beneficiary designated by the member or inactive member, or to his or her personal representative in the absence of a beneficiary designation. Either the beneficiary or, before the date of death, the member or inactive member may elect to have the death benefit paid in installments on any basis satisfactory to the company.
(Ord. 3148, passed - -1990)