(1) Upon the death of a member retiring under the provisions of §§ 49-1543 through 49-1549, who did not select any of the options enumerated in § 49-1553, any balance of his accumulated contributions, at the time of his retirement, remaining after deductions of the total retirement benefits received by him shall be paid to his designated beneficiary, or if no beneficiary is specified, to the executor or administrator of his estate; provided, however, that if the amount payable shall be two hundred and fifty dollars ($250) or less, it may be paid to the next of kin in the absence of designation of a beneficiary. Upon the death of the survivor of a member retiring under the provisions of §§ 49-1543 through 49-1549, and the person nominated by him under either option two or option three, any excess of the member’s accumulated contributions, at the time of his retirement, over the sum of the retirement benefits received by him and such designated person, shall be paid to the designated beneficiary of the last to survive of such member and designated person, or if no beneficiary is specified, to the executor or administrator of the estate of the last to survive; provided, however, that if the amount payable shall be two hundred fifty dollars ($250) or less, it may be paid to the next of kin of the last to survive in the absence of the designation of a beneficiary. Upon the death of a retired member or the person nominated by him under one (1) of the options enumerated in § 49-1553, the full monthly amount shall be paid for the month in which death occurred.
Terms Used In Tennessee Code 49-1554
Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member, together with any amount transferred to the account of the member established pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §. See Tennessee Code 8-34-101
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
Beneficiary: means any person, persons or institution receiving a retirement allowance or other benefit as provided in chapters 34-37 of this title. See Tennessee Code 8-34-101
Executor: A male person named in a will to carry out the decedent
Executor: includes an administrator, where the subject matter applies to an administrator. See Tennessee Code 1-3-105
Member: means any person included in the membership of the retirement system, as provided in chapter 35, part 1 of this title. See Tennessee Code 8-34-101
(2) Until the first payment on account of any retirement allowance becomes normally due, any class A member may elect to convert the allowance otherwise payable on his account after retirement into a retirement allowance of equivalent actuarial value of such amount that, with his benefit under title II of the federal Social Security Act, he will receive, so far as possible, approximately the same amount per year before and after the commencement of such benefit.(3) Until the first payment on account of any retirement allowance becomes normally due, any transfer class A member who retires prior to the attainment of age sixty-five (65) may elect to convert the allowance otherwise payable on his account after retirement into a level retirement allowance before and after age sixty-five (65) of equivalent actuarial value.
