52:18A-122 - Payment in event of death of participant prior to retirement
52:18A-122.Ā Payment in event of death of participant prior to retirement
In the event of the death of a participant prior to retirement, an amount equal to the value of his account as of the last day of the month in which the death occurs shall be paid to the designated beneficiary in a single cash payment or in the event that no beneficiary was designated or if the designatedĀ beneficiary predeceased the participant such amount shall be paid to the estateĀ of the participant.Ā If, however, the designated beneficiary is a naturalĀ person, he may elect to receive, in lieu of a single cash payment, theĀ actuarial equivalent thereof, under any method of settlement which would haveĀ been available to the participants pursuant to the provisions of sections 11 orĀ 14 of this act.
L.1963, c. 123, s. 16.
Ā
In the event of the death of a participant prior to retirement, an amount equal to the value of his account as of the last day of the month in which the death occurs shall be paid to the designated beneficiary in a single cash payment or in the event that no beneficiary was designated or if the designatedĀ beneficiary predeceased the participant such amount shall be paid to the estateĀ of the participant.Ā If, however, the designated beneficiary is a naturalĀ person, he may elect to receive, in lieu of a single cash payment, theĀ actuarial equivalent thereof, under any method of settlement which would haveĀ been available to the participants pursuant to the provisions of sections 11 orĀ 14 of this act.
L.1963, c. 123, s. 16.
Ā