North Dakota Code 15-39.2-04.1 – Beneficiaries of deceased college teachers
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If a college teacher who is eligible to make the election provided by this chapter dies prior to receiving an annuity, the college teacher’s designated beneficiary may elect to receive a monthly annuity computed according to the provisions of this chapter in a manner which the deceased teacher’s annuity would have been computed if the deceased teacher had lived, made such an election, and selected option one as outlined in section 15-39.1-16. The designated beneficiary of a college teacher who exercised the election in section 15-10-17 is not eligible for benefits provided in this section.
Terms Used In North Dakota Code 15-39.2-04.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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