§ 135-175. Fully contributory death benefit for retired members.

290 words·~1 min read·/nc/chapter-135/135-175

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(a)Participation and Premiums. - All retired members may elect to participate in the Death Benefit Plan and therefore become eligible to receive death benefits under the Death Benefit Plan in accordance with this section. Elections shall be made prior to death and no later than 60 calendar days from the effective date of the member's retirement. Elections shall be received by the Board of Trustees prior to the death of the retired member. Retired members electing to receive a fully contributory death benefit under the Death Benefit Plan shall continuously pay monthly premiums on a fully contributory basis, as determined by the Board of Trustees, to the Benefit Trust. Premium payments shall be made through retirement allowance deductions or other methods adopted by the Board of Trustees.

(b)Benefits Upon Death. - If a retired member who has elected to receive a fully contributory death benefit under to this section dies, then, upon receipt of proof of the death that is satisfactory to the Board of Trustees, a lump sum death benefit amount shall be paid.

(c)Death Benefit Amount. - The lump sum death benefit payable under this section shall be one of the following amounts:

(1)If the death occurred on or after the first day of the twenty-fifth month of coverage under this section, the amount payable is ten thousand dollars ($10,000).

(2)If the death occurred before the first day of the twenty-fifth month of coverage under this section, the amount payable is the sum of the retired member's premium payments made in accordance with this section plus interest in an amount to be determined by the Board of Trustees. (2025-11, ss. 1(a), (s), (t), 3.)