§ 120-4.26A. Benefits on death after retirement. - North Carolina Statutes

§ 120‑4.26A.  Benefitson death after retirement.

In the event of the death of aretired member while in receipt of a retirement allowance under the provisionsof this Article, there shall be paid to such person or persons as the retireeshall have nominated by electronic submission in a form approved by the Boardof Trustees or by written designation duly acknowledged and filed with theBoard of Trustees, if such person or persons are living at the time of theretiree's death, otherwise to the retiree's legal representatives, a deathbenefit equal to the excess, if any, of the accumulated contributions of theretiree at the date of retirement over the total of the retirement allowancespaid prior to the death of the retiree.

In the event that a retirementallowance becomes payable to the designated survivor of a retired member underthe provisions of G.S. 120‑4.26 and such retirement allowance to thesurvivor shall terminate upon the death of the survivor before the total of theretirement allowances paid to the retiree and the designated survivor combinedequals the amount of the accumulated contributions of the retiree at the dateof retirement, the excess, if any, of such accumulated contributions over thetotal of the retirement allowances paid to the retiree and the survivorcombined shall be paid in a lump sum to such person or persons as the retireeshall have nominated by electronic submission in a form approved by the Boardof Trustees or by written designation duly acknowledged and filed with the Boardof Trustees, if such person or persons are living at the time such paymentfalls due, otherwise to the retiree's legal representative.  (1993, c. 321, s. 74.1(b);2009‑66, s. 11(l).)