Effective January 1, 1997, a death benefit in the amount of one and one-half times the employee's base yearly salary shall be paid to the designated beneficiary of a regular employee of the City of Toledo upon death, providing such death occurs after the employee has completed the probationary period. Each employee should furnish the City with a Designation of Beneficiary. In the event the employee has failed to designate a beneficiary, then the benefit shall be paid in accordance with the Inheritance laws of the State of Ohio.