2005 Idaho Code - 59-1361 — COMPUTATION OF DEATH BENEFITS -- METHOD OF PAYMENT -- OPTIONAL DEATH BENEFIT

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1361.  COMPUTATION OF DEATH BENEFITS -- METHOD OF PAYMENT -- OPTIONAL
DEATH BENEFIT. (1) The death benefit of an active or inactive member not
vested at time of death shall equal the excess, if any, of the member's
accumulated contributions at the time the benefit becomes payable over the
aggregate of all benefit payments ever made to the member.
    (2)  The death benefit of an early or service retired member shall equal
the excess, if any, of the member's accumulated contributions at the time the
member retired over the aggregate of all retirement allowance payments ever
made to the member, the member's named contingent annuitant, and the optional
death benefit recipient, if any.
    (3)  The death benefit of a vested member who, at the time of death is
either active, inactive, or a disability retiree, shall equal the excess, if
any, of two hundred percent (200%) of the member's accumulated contributions
at the time of death over the aggregate of all benefit payments ever made to
the member and the optional death benefit recipient, if any.
    (4)  The death benefit, if any, will be paid to the member's designated
beneficiary who is surviving the member at the time the benefit becomes
payable. If no beneficiary has been designated or the designated beneficiary
has predeceased the member, the death benefit will be paid to the surviving
spouse, and if there is no surviving spouse it will be paid in accordance with
the laws of descent and distribution of the state of Idaho as they may then be
in effect. The designated beneficiary may waive, in writing as required by the
board, any death benefit otherwise payable. If the designated beneficiary
waives the death benefit, it will be paid as if the designated beneficiary
predeceased the member.
    (5)  When the surviving spouse of a vested member is entitled to a death
benefit under subsection (3) of this section, the surviving spouse may elect
either an allowance as provided in option 1 under section 59-1351, Idaho Code,
or a one (1) time lump sum death benefit payment as provided in subsection (3)
of this section. The initial retirement allowance upon which such optional
retirement allowance is based shall be calculated as if the member had retired
immediately before his death. If the member is not then eligible to receive a
service or early retirement allowance, such initial retirement allowance shall
equal the actuarial equivalent of the retirement allowance payable when the
member would first be eligible for service or early retirement, calculated as
if he had separated from service immediately before his death.