Except as hereinafter set forth, no benefit shall be payable
hereunder upon or by reason of the death of any participant.
[Amended 9-2-2008 by Ord. No. 1559; 12-2-2013 by Ord. No. 1600]
A. A surviving
spouse benefit shall be payable to the spouse of a participant who
shall die after completing at least 10 years of credited service and
prior to retirement in an amount equal to 50% of the accrued benefit
of the participant as of the date of death. The surviving spouse benefit
shall commence as of the first day of the month coincident with or
next following the date on which the participant would have attained
normal retirement age and shall be paid monthly thereafter until the
death of the surviving spouse shall occur.
B. A surviving spouse benefit shall be payable to the spouse of a participant who shall die after beginning to receive benefit payments payable pursuant to §
46-24. The benefit payable shall be an amount equal to 50% of the monthly amount the participant was receiving as of his date of death. The surviving spouse benefit shall commence as of the first day of the month next following the date of the participant's death and shall be paid monthly thereafter until the death of the surviving spouse shall occur. Only the spouse of the participant as of the disability retirement date shall be eligible to receive the surviving spouse benefit.
C. Employees
who die while receiving normal retirement benefits shall be entitled
to a spousal death benefit. The surviving spouse shall be entitled
to a benefit of 50% of the pension the employee was receiving prior
to death. The benefit shall commence as of the first day of the month
next following date of the employee's death and shall be paid
monthly thereafter until the death of the surviving spouse. Only the
spouse shall be entitled to receive the death benefit. Such benefit
must be selected at the time of retirement.
A benefit shall be payable to the beneficiary of a participant who shall die prior to retirement and without eligibility for a surviving spouse benefit under §
46-34 in a single payment in an amount equal to the accumulated contributions as of the date of death of the participant.
If a participant shall die after the payment of retirement benefits
has commenced, the beneficiary of such participant shall receive in
a single payment an amount equal to the accumulated contributions
as of the date of death of the participant, minus the amount of retirement
benefits paid to such participant prior to the date of death.