Section 5-10.2-3-9 - Survivor benefits; death after July 1, 1991, while eligible for retirement benefits(a) This section applies if the following conditions are met. A member dies: (1) after July 1, 1991; and(2) while receiving or while eligible to receive retirement benefits under IC 5-10.2-4-1 from the fund.(b) As used in this section, "minimum amount" means the entire amount credited to the member's annuity savings account at the time of: (2) death while entitled to retirement benefits; minus all benefits paid to the member and the member's survivors.
(c) If the member dies without a survivor entitled to benefits and the member has not received payments equal to or more than the minimum amount, the difference shall be paid in a lump sum to the member's designated beneficiary or beneficiaries in equal shares. If the member dies without a surviving designated beneficiary, the difference shall be paid in a lump sum to the member's estate.(d) If the member dies with a survivor entitled to benefits, no payment under this section shall be calculated until after all survivors die. If, at the time of death of the last survivor, the member and all survivors have not received payments equal to or more than the minimum amount, the difference shall be paid in a lump sum to the survivor's estate.(e) The minimum benefit provided in this section shall not apply to an election under IC 5-10.2-4-7(g).Amended by P.L. 51-2020,SEC. 3, eff. 1/1/2021.As added by P.L. 43-1991, SEC.3.