35 IAC 14-7-9 Death while receiving benefit under five year guarantee option

Sec. 9. (a) Except as provided in subsection (b), if a member who selected the five (5) year guarantee retirement option dies prior to the end of the five (5) year period, the remaining payments shall be paid to the designated beneficiary or the member's estate in a lump sum after being actuarially reduced for early payment. (b) If a member makes an election under IC 5-10.2-4-8.2(b)(2) and selects the five (5) year guarantee retirement option, the designated beneficiary is entitled to the remaining payments as described in subsection (a), less the amount of retroactive retirement benefits paid to the member as a result of such selection, if any.