49-23-501. Death benefit -- Eligibility for death benefit -- Benefit calculation -- Payment of claim.
(1) The office shall provide a death benefit for members of this system.
(2) The board shall make rules to administer the death benefit provided by this section and may, in accordance with federal law, establish: benefit levels; classes of members; and a living benefit option.
(3) This death benefit is payable when: the member dies prior to the member's retirement date or dies under circumstances which Subsectionrequires to be treated as the death of a member before retirement; 49-23-304(4) the office receives acceptable proof of death; and benefits are not payable under Section. 49-23-306
(4) The death benefit payable to the beneficiary under this section is a lump-sum payment consisting of: the return of any member contributions under this chapter; plus a percentage of the final average salary of the member to be determined by the board.
(5) Any amount of a living benefit option paid to the member prior to death shall be deducted from the benefit payable to the beneficiary.
(6) The cost of the death benefit shall be paid by the participating employer in addition to the contribution rate established under Sectionor. 49-23-301 49-23-401
(7) The portion of the death benefit provided under Subsectionmay not be paid to the beneficiary of an inactive member unless the death of the member occurs either: (4)(b) within a period of 120 days after the last day of work for which the person received compensation; or while the member is still physically or mentally incapacitated from performance of duties, if the incapacity has been continuous since the last day of work for which compensation was received.
(8) The death benefit provided under Subsectionshall be paid in accordance with Sectionsand. (4)(b) 49-11-609 49-11-610
(9) The death benefit paid to the beneficiary of an inactive member, except as otherwise provided under Subsection, is a lump-sum return of the member's member contributions. (7)
(10) Payment of the death benefit by the office constitutes a full settlement of any beneficiary's claim against the office and the office is not liable for any further or additional claims or assessments on behalf of the member.
(11) Unless otherwise specified in a written document filed with the office, death benefits payable to beneficiaries shall be in accordance with the order of precedence established under. Title 75, Chapter 2, Intestate Succession and Wills
(12) A death benefit under this section may not be paid on behalf of a retiree under this system.
(13) Except for the death benefit described in Subsection, a member of the Tier II defined contribution plan is not eligible for death benefits under this section or Sectionor. (4) 49-23-502 49-23-503