19-8-1002. Postretirement death payments. If a retired member who has not chosen an optional retirement benefit under 19-8-801 dies before receiving an amount equal to the present value of the member's service retirement benefit under 19-8-603 as it was at the time of the member's retirement, the balance must be paid to the member's designated beneficiary in a lump-sum payment. At the option of the designated beneficiary, the lump-sum payment may be annuitized and paid over the beneficiary's lifetime; however, the payment is not a benefit subject to increases.

     History: En. Sec. 18, Ch. 130, L. 1963; R.C.M. 1947, 68-1418; amd. Sec. 173, Ch. 265, L. 1993; Sec. 19-8-704, MCA 1991; redes. 19-8-1002 by Code Commissioner, 1993.