49-23-504. Death of members -- Exemption from vesting requirements for employer nonelective contributions to defined contribution plan.
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Effective 5/12/2015
49-23-504. Death of members -- Exemption from vesting requirements for employer nonelective contributions to defined contribution plan.
(a)If an active member dies, employer nonelective contributions made on behalf of the employee to a defined contribution plan under Section 49-23-302 or 49-23-401 are exempt from the vesting requirements of Subsections 49-23-302(2)(a) and 49-23-401(3)(a) .
(b)The total amount of nonelective contributions made by the participating employer vests to the member upon death and the member's beneficiary is entitled to receive a distribution of the employer contributions made on behalf of the employee and all associated investment gains and losses.
(2)Employer contributions vested and distributed under this section are in addition to and separate from the benefits payable under Sections 49-23-501 , 49-23-502 , and 49-23-503 .
Enacted by Chapter 315 , 2015 General Session