Lump sum payment on death of member

Upon the death of any member, a lump sum amount shall be paid to such person as the member has nominated by written designation, filed with the board; otherwise to the member’s estate. Such lump sum amount shall be equal to the total amount credited to the member’s account on the date of the member’s death. (Code 1981, § 47-22-10, enacted by Ga. L. 1992, p. 1288, § 1.) 47-22-11. Retirement; option to receive periodic payment.