49-11-620 - Closing the retirement account -- Status of retirees and beneficiaries.
49-11-620. Closing the retirement account -- Status of retirees and beneficiaries.
(1) The monthly benefit payable for the month a retiree, beneficiary, or alternate payeedies shall be a full monthly benefit and shall be payable to the estate of the deceased.
(2) If more than one year has elapsed since the death of a retiree whose designatedbeneficiary is deceased and whose account payable to the beneficiary amounts to $100 or less,the account shall be closed and further payment may not be made.
Enacted by Chapter 250, 2002 General Session