38-889. Guaranteed minimum aggregate
payout
If all pension payments permanently terminate before an aggregate amount equal to
the retired member's or deceased member's accumulated member contributions has been paid,
the difference between the amount of accumulated member contributions and the aggregate
amount of pension payments made shall be paid to the individual or individuals whom the
member may have named on a form provided by and filed with the retirement plan. If no
such named individual survives, the difference shall be paid to the legal representative
of the last surviving individual who was being paid a pension or the last surviving named
individual.
|