Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 443]

EXTRACTED TEXT FROM PAGE:

44Q

BOARD OF TRUSTEES

[August 5

Sec. 5.4 Death Benefits: The Beneficiary of any Participant, upon the death of such Participant, shall be entitled to a Death Benefit of an amount equal to the sum of the Accumulated Normal Contributions and the Accumulated Additional Contributions of the Participant on the date of death. T h e Beneficiary of any Participating Employee, if such Beneficiary is in the opinion of the Board dependent upon the Employee at the time of death, upon the death of any such Employee shall be entitled to an Additional Death Benefit equal to the excess, if any, of an amount which is equivalent to an annual payment of Earnings at the Final Rate of Earnings applicable to such Employee but not less than T w o Thousand Dollars ($2000) nor more than Five Thousand Dollars ($5000), over the amount of the Accumulated Normal Contributions on the date of death; provided that in the case of an Employee of an Employer other than the State Scientific Surveys death occurs on or after September 1, 1041, and in the case of an Employee of the State Scientific Surveys death occurs on or after September I, 1943. T h e Beneficiary of any Annuitant receiving a Retirement Annuity, upon the death of such Annuitant, shall be entitled to an Additional Death Benefit equal to whichever of the following is the greater: ( a ) the excess, if any, of the sum of the Accumulated Normal Contributions and the Accumulated Additional Contributions upon the date of retirement over the sum of all Annuity payments made prior to the date of death, ( b ) an amount equal to six times the monthly Supplemental Annuity payable to such deceased Annuitant, or (c) Five H u n d r e d Dollars ($500). All Death Benefits shall be paid in the form of a single cash sum or in such other manner as the Beneficiary and the Board shall mutually agree, except where an Annuity is payable under Section 5.5. Whenever any Death Benefit is payable as a single cash sum, it shall be paid to the Beneficiary as soon as practicable after receipt by the Board of (a) a written application by the Beneficiary for such benefit and ( b ) such evidence of death and identification as the Board shall require. Sec. 5-5 Beneficiary Annuities: If the Beneficiary is the widow; or if the Beneficiary is other than the widow and ( a ) the Beneficiary has specified in the application for the Death Benefit, or (b) the deceased has specified in a written notice on file with the Board prior to the date of death that the benefits shall be paid as an Annuity, or as a cash payment and an Annuity, provided that the Annuity is at least T e n Dollars ($10.00) per month for the Beneficiary; the Death Benefit provided in Section 5.4 shall be paid in the form of a cash payment as specified, if any, plus an Annuity of such amount as can be provided from the amount of the Death Benefit on the date such Annuity begins which is in excess of the amount of such cash payment. Whenever any Death Benefit is payable in the form of a Beneficiary Annuity, such Annuity shall begin on the day following the date of death of the Deceased provided the Board has received (a) a written application by the Beneficiary for such benefit and (b) such evidence of death and identification as the Board shall require. Sec. 5.6 Separation Benefits: Any Participant whose employment with all Employers has been terminated, regardless of cause, shall be entitled to a Separation Benefit upon application therefor; provided that, on the date such application is received by the Board, such Participant ( a ) would not immediately be entitled upon application to a Retirement Annuity hereunder and ( b ) is not then receiving or is entitled to receive any Salary for personal services currently performed for the State or any agency thereof. T h e amount of any Separation Benefit shall be the sum of the Accumulated Normal Contributions and the Accumulated Additional Contributions credited to the Employee on the date employment is terminated. Upon acceptance of a Separation Benefit, all existing Accumulated Normal Contributions, Accumulated Additional Contributions, and Accumulated Supplemental Credits of the Participant shall be terminated and such credits shall not be reinstated upon subsequent participation of such Participant in this System, or for any other cause.