Computation Of Death Benefits — Method Of Payment — Optional Death Benefit

TITLE 59 PUBLIC OFFICERS IN GENERAL CHAPTER 13 PUBLIC EMPLOYEE RETIREMENT SYSTEM 59-1361. Computation of death benefits — Method of payment — Optional death benefit. (1) The death benefit of an active or inactive member not vested at time of death shall equal the excess, if any, of the member’s accumulated contributions at the time the benefit becomes payable over the aggregate of all benefit payments ever made to the member. (2)  The death benefit of an early or service retired member shall equal the excess, if any, of the member’s accumulated contributions at the time the member retired over the aggregate of all retirement allowance payments ever made to the member, the member’s named contingent annuitant, and the optional death benefit recipient, if any. (3)  The death benefit of a vested member who, at the time of death is either active, inactive, or a disability retiree, shall equal the excess, if any, of two hundred percent (200%) of the member’s accumulated contributions at the time of death over the aggregate of all benefit payments ever made to the member and the optional death benefit recipient, if any. (4)  The death benefit, if any, will be paid to the member’s designated beneficiary who is surviving the member at the time the benefit becomes payable. If no beneficiary has been designated or the designated beneficiary has predeceased the member, the death benefit will be paid to the surviving spouse, and if there is no surviving spouse it will be paid in accordance with the laws of descent and distribution of the state of Idaho as they may then be in effect. The designated beneficiary may waive, in writing as required by the board, any death benefit otherwise payable. If the designated beneficiary waives the death benefit, it will be paid as if the designated beneficiary predeceased the member. (5)  When the surviving spouse of a vested member is entitled to a death benefit under subsection (3) of this section, the surviving spouse may elect either an allowance as provided in option 1 under section 59-1351 , Idaho Code, or a one (1) time lump sum death benefit payment as provided in subsection (3) of this section. The initial retirement allowance upon which such optional retirement allowance is based shall be calculated as if the member had retired immediately before his death. If the member is not then eligible to receive a service or early retirement allowance, such initial retirement allowance shall equal the actuarial equivalent of the retirement allowance payable when the member would first be eligible for service or early retirement, calculated as if he had separated from service immediately before his death.