§ 13-29. Death benefits.

(a)

Service-incurred death. A death benefit shall be payable on behalf of any Participant who dies as a direct result of an occurrence arising in the performance of service to the Village. A monthly benefit in the amount of 50 percent of the Participant's base rate of pay in effect at the time of death shall be payable for a period of ten years to the designated Beneficiary, or, in the absence of a designated Beneficiary, a Beneficiary as determined by the Retirement Board. The benefit shall be subject to a minimum amount equal to the benefit in subsection (b)(1) or (2) of this section, whichever is applicable.

(b)

Non-service-incurred death.

(1)

If a deceased Participant was eligible for early or normal retirement, there shall be provided a benefit, to the designated Beneficiary, which shall be equal to that benefit which would have been payable to the Beneficiary had the deceased Participant retired immediately preceding the Participant's death; however, the minimum benefit payable shall be an amount equal to the deceased Participant's own contributions.

(2)

If a deceased Participant was not eligible for early or normal retirement, there shall be provided a benefit to the designated Beneficiary which shall be equal to that benefit which would have been payable to the Beneficiary had the deceased Participant been eligible for early retirement and so retired immediately preceding the Participant's death. Provided, however, the number of payments under this subsection shall not exceed 120 payments and the minimum benefit payable shall be an amount equal to the deceased Participant's own contributions.

(3)

Benefits paid in accordance with subsections (1) or (2) above shall be based upon the optional form of retirement benefit, if any, selected by the Participant.

(c)

Death before retirement. Any benefit which shall become payable by reason of the death of a Participant prior to the normal retirement date shall be paid to the Beneficiary of record at the time of the Participant's death. Such a Beneficiary shall be designated by the Participant in such manner as the Retirement Board may require. Any Participant shall have the right to change the Beneficiary and method of settlement of any death benefit from time to time by executing a new Beneficiary designation form and filing such with the Retirement Board.

(Code 1974, § 13-19; Ord. No. 337, § 1(13-19), 9-19-89; Ord. No. 509, § 1, 7-18-06)