Section 54-52.6-13 - [Effective Until on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board] Distributions1. A participating member is eligible to receive distribution of that person's accumulated balance in the plan upon becoming a former participating member.2. Upon the death of a participating member or former participating member, the board shall pay the accumulated account balance of that deceased participant to the deceased participant's refund beneficiary, if any, as provided in this subsection. If the deceased participant designated an alternate refund beneficiary with the surviving spouse's written consent, the board shall distribute the accumulated balance to the named beneficiary. If the deceased participant named more than one primary beneficiary with the surviving spouse's written consent, the board shall pay the accumulated account balance to the named primary beneficiaries in the percentages designated by the deceased participant or, if the deceased participant had not designated a percentage for the beneficiaries, in equal percentages. If one or more of the primary beneficiaries has predeceased the deceased participant, the board shall pay the predeceased beneficiary's share to the remaining primary beneficiaries. If any beneficiary survives the deceased participant, yet dies before distribution of the beneficiary's share, the beneficiary must be treated as if the beneficiary predeceased the deceased participant. If there is no remaining primary beneficiary, the board shall pay the accumulated account balance of that deceased participant to the contingent beneficiaries in the same manner. If there is no remaining designated beneficiary, the board shall pay the accumulated account balance of that deceased participant to the deceased participant's estate. If the deceased participant had not designated an alternate refund beneficiary or the surviving spouse is the refund beneficiary, the surviving spouse of the deceased participant may select a form of payment as provided in subdivision d of subsection 3.3. A former participating member may elect one or a combination of several of the following methods of distribution of the accumulated balance: a. A lump sum distribution to the recipient.b. A lump sum direct rollover to another qualified plan, to the extent allowed by federal law.c. Periodic distributions, as authorized by the board.d. No current distribution, in which case the accumulated balance must remain in the plan until the former participating member or refund beneficiary elects a method or methods of distribution under this section, to the extent allowed by federal law. A surviving spouse beneficiary may elect one or a combination of several of the methods of distribution provided in subdivisions a, b, or c if the surviving spouse is the sole refund beneficiary. If the surviving spouse is not the sole refund beneficiary, the refund beneficiary may only choose a lump sum distribution of the accumulated balance.
4. If the former participating member's vested account balance is less than one thousand dollars, the board shall automatically refund the member's vested account balance upon termination of employment. The member may waive the refund if the member submits a written statement to the board, within one hundred twenty days after termination, requesting that the member's vested account balance remain in the plan.Amended by S.L. 2023SP1, ch. 644 (HB 1548),§ 23, eff. on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board.Amended by S.L. 2013 , ch. 432( SB 2060 ), § 8, eff. 7/1/2013.This section is set out more than once due to postponed, multiple, or conflicting amendments.