§ 36-10-23 - Benefit payable on death after retirement. - Rhode-island Statutes

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Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-23

SECTION 36-10-23

§ 36-10-23 Benefit payable on death afterretirement. – (a) Upon the death of a member after retirement, unless the member shall haveselected any of the options provided in § 36-10-18, a benefit shall bepayable consisting of the excess, if any, of the total contributions of themember at date of retirement, without interest, over the aggregate amount ofall retirement allowance payments received by the member prior to his or herdeath.

(b) In addition, a benefit shall be payable upon the death ofany retired member, regardless of date of retirement, consisting of thecontinuation of the ordinary death benefit provisions of the retirement actinto retirement in the full amount, accrued at the date of retirement, for thefirst year subsequent to the date of retirement, provided also that in eachsucceeding year thereafter this amount shall be reduced on each retirementanniversary date by twenty-five percent (25%) until twenty-five percent (25%)of the total amount accumulated as of the date of retirement has been reached,provided, however, that the amount shall not be reduced to less than fourthousand dollars ($4,000). This sum shall be continued thereafter as the sumpayable on death after retirement.

State Codes and Statutes

Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-23

SECTION 36-10-23

§ 36-10-23 Benefit payable on death afterretirement. – (a) Upon the death of a member after retirement, unless the member shall haveselected any of the options provided in § 36-10-18, a benefit shall bepayable consisting of the excess, if any, of the total contributions of themember at date of retirement, without interest, over the aggregate amount ofall retirement allowance payments received by the member prior to his or herdeath.

(b) In addition, a benefit shall be payable upon the death ofany retired member, regardless of date of retirement, consisting of thecontinuation of the ordinary death benefit provisions of the retirement actinto retirement in the full amount, accrued at the date of retirement, for thefirst year subsequent to the date of retirement, provided also that in eachsucceeding year thereafter this amount shall be reduced on each retirementanniversary date by twenty-five percent (25%) until twenty-five percent (25%)of the total amount accumulated as of the date of retirement has been reached,provided, however, that the amount shall not be reduced to less than fourthousand dollars ($4,000). This sum shall be continued thereafter as the sumpayable on death after retirement.

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State Codes and Statutes

Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-23

SECTION 36-10-23

§ 36-10-23 Benefit payable on death afterretirement. – (a) Upon the death of a member after retirement, unless the member shall haveselected any of the options provided in § 36-10-18, a benefit shall bepayable consisting of the excess, if any, of the total contributions of themember at date of retirement, without interest, over the aggregate amount ofall retirement allowance payments received by the member prior to his or herdeath.

(b) In addition, a benefit shall be payable upon the death ofany retired member, regardless of date of retirement, consisting of thecontinuation of the ordinary death benefit provisions of the retirement actinto retirement in the full amount, accrued at the date of retirement, for thefirst year subsequent to the date of retirement, provided also that in eachsucceeding year thereafter this amount shall be reduced on each retirementanniversary date by twenty-five percent (25%) until twenty-five percent (25%)of the total amount accumulated as of the date of retirement has been reached,provided, however, that the amount shall not be reduced to less than fourthousand dollars ($4,000). This sum shall be continued thereafter as the sumpayable on death after retirement.