§ 45-21-27 - Benefit on death of retired employee.
SECTION 45-21-27
§ 45-21-27 Benefit on death of retiredemployee. – (a) Upon the death of a member after retirement, unless the member has selectedany of the options provided in § 45-21-30, a benefit is payable consistingof the excess, if any, of the total contributions of the member at the date ofretirement, without interest, over the aggregate amount of all retirementallowance payments received by the member prior to the member's death.
(b) In addition, a benefit is payable upon the death of anyretired member, regardless of the date of retirement, consisting of thecontinuation of the ordinary death benefit provisions of the retirement actinto retirement in the full amount, accrued at the date of retirement, for thefirst year subsequent to the date of retirement; provided, that in eachsucceeding year, this amount is reduced on each retirement anniversary date bytwenty-five percent (25%) until twenty-five percent (25%) of the total amountaccumulated as of the date of retirement has been reached; provided, that theamount is not reduced to less than four thousand dollars ($4,000). This sumshall be continued thereafter as the sum payable on death after retirement.