§ 120-4.26A. Benefits on death after retirement.

304 words·~1 min read·/nc/chapter-120/120-4-26a

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(a)If a retired member dies while in receipt of a retirement allowance under the provisions of this Article, a lump sum death benefit shall be paid to the beneficiary that the retiree designated by electronic submission in a form approved by the Board of Trustees or by written designation duly acknowledged and filed with the Board of Trustees. If no beneficiary or beneficiaries are designated or are living at the time of the retiree's death, then the lump sum death benefit shall be paid to the retiree's legal representative. The lump sum death benefit payable under this subsection is equal to the excess, if any, of the accumulated contributions of the retiree at the date of retirement over the total of the retirement allowances paid prior to the death of the retiree.

(b)If a retirement allowance that became payable to the designated survivor of a retired member under the provisions of G.S. 120-4.26 terminates upon the death of the survivor before the total of the retirement allowances paid to the retiree and the designated survivor combined equals the amount of the accumulated contributions of the retiree at the date of retirement, then the excess of those accumulated contributions over the total of the retirement allowances paid to the retiree and the survivor combined shall be paid in a lump sum to the beneficiary that the retiree designated by electronic submission in a form approved by the Board of Trustees or by written designation duly acknowledged and filed with the Board of Trustees. If no beneficiary is designated or living at the time the lump sum payment becomes due under this subsection, then the payment shall be made to the retiree's legal representative. (1993, c. 321, s. 74.1(b); 2009-66, s. 11( l ); 2025-11, s. 8(c).)