Upon the death of a member, inactive member, retired member or individual receiving a survivor’s pension, there shall be paid to the designated beneficiary or beneficiaries or, in the absence of a designated beneficiary, to the estate of the member, inactive member, retired member or survivor, a lump sum equal to the excess, if any, of the accumulated member contributions with interest over the aggregate of all pension payments made.

64 Del. Laws, c. 445, § ?1;

Terms Used In Delaware Code Title 11 Sec. 8823

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Inactive member: shall mean a member who is an employee on or after the member:

    a. See Delaware Code Title 11 Sec. 8801

  • Member: shall mean a person who is an employee on or after the date the employer affiliates with the Fund. See Delaware Code Title 11 Sec. 8801
  • Retired member: shall mean a member who has terminated service, other than an inactive member, who is eligible to receive a service or disability pension under this chapter. See Delaware Code Title 11 Sec. 8801
  Previous section
Next section  
 Chapter 88 Contents