[Amended BOS 2-1-1977]
Upon the death of a participant prior to his retirement and the commencement of retirement benefits or upon the death of a terminated participant who shall have left his contributions in the trust fund as provided in § 54-22 hereof, there shall be paid from the trust fund to his beneficiary designated, as provided in § 54-15 hereof, an amount equal to his contributions to the trust fund, plus interest thereon computed at the annual rate of 3% prior to July 1, 1976, and at the annual rate of 5% thereafter, compounded annually to the date of his death. Upon the death of a retired participant who has not elected the contingent annuitant or ten-year certain options before there shall have been paid to the retired participant the amount of his contributions to the trust fund, plus interest thereon computed at the annual rate of 3% prior to July 1, 1976, and at the annual rate of 5% thereafter, compounded annually to his actual retirement date, then the amount of such contributions, plus such compound interest, less the amount of pension benefits paid to such retired participant prior to his death, shall be paid to the retired participant's beneficiary designated, as provided in § 54-15 hereof.
