Except as hereinafter set forth, no benefit
shall be payable hereunder upon or by reason of the death of any participant.
[Amended 1-22-2003 by Ord. No. 1550; 5-11-2005 by Ord. No.
1569]
In the event that a participant shall die prior
to the receipt of any benefits under the plan, the beneficiary shall
be entitled to an amount equal to the participant's accumulated contributions
made under this plan or a prior plan, with interest credited at a
rate of 5% per annum as of the date of death of the participant.
[Amended 1-22-2003 by Ord. No. 1550; 5-11-2005 by Ord. No.
1569]
If a nonunion participant shall die before the participant is eligible to retire under § 33-81 and before retirement benefit payments commence, a survivor benefit shall be immediately payable to the surviving spouse, if any, or children under the age of 18 in an amount equal to 50% of the participant's accrued benefit at the time of death. Such survivor benefit shall be paid in lieu of any refund of accumulated contributions to which the deceased participant may have been entitled; provided, however, that in the event the amount of the participant's accumulated contributions exceeds the amount of survivor benefit payable in accordance with the preceding, then such participant's death benefit shall be equal to the amount of the participant's accumulated contributions.
[Added 5-11-2005 by Ord. No. 1569]
In the event that a participant shall die after
the receipt of any benefit payments under the plan, the beneficiary
shall be entitled to a benefit only to the extent and in the manner
consistent with the provisions of the form of payment of benefits
selected by the participant pursuant to the provisions of this plan.
