4108

COUNTY LOCAL LAWS

RETIREMENT DATE.

(2)    UPON THE DEATH OF A PARTICIPANT AFTER HIS
NORMAL RETIREMENT DATE IF SAID PARTICIPANT HAS BEEN
DETERMINED TO BE TOTALLY AND PERMANENTLY DISABLED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 1-265.

(3)    UPON THE DEATH OF THE PARTICIPANT AND HIS
CONTINGENT ANNUITANT.

(B) THE BENEFICIARY SHALL RECEIVE DEATH BENEFITS
EQUAL TO THE AMOUNT OF THE PARTICIPANT'S CONTRIBUTIONS
PLUS CREDITED INTEREST TO THE DATE OF RETIREMENT OR
DISABILITY (AS THE CASE MAY BE), LESS ANY PAYMENTS MADE
TO THE PARTICIPANT AND HIS CONTINGENT ANNUITANT. SAID
PAYMENTS SHALL BE MADE IN A LUMP SUM TO THE PAYEE LAST
ENTITLED TO SAID BENEFITS, OR TO THE ESTATE OF SUCH
PAYEE.

SECTION 1-277. BENEFICIARY.

(A)    BENEFICIARIES MAY BE DESIGNATED AND CHANGED BY
THE PARTICIPANT ONLY BY FILING WRITTEN NOTICE THEREOF
WITH THE PERSONNEL OFFICER ON FORMS APPROVED BY HIM.
SUCH DESIGNATION OR CHANGE OF DESIGNATION SHALL TAKE
EFFECT AS OF THE DATE OF EXECUTION THEREOF, WHETHER OR
NOT THE PARTICIPANT BE LIVING AT THE TIME OF FILING. THE
PLAN SHALL NOT BE PREJUDICE ON ACCOUNT OF ANY PAYMENTS
MADE BY THE PERSONNEL OFFICER PRIOR TO RECEIPT OF ANY
SUCH NOTICE.

(B)    IF THE PARTICIPANT HAS FAILED TO DESIGNATE A
BENEFICIARY, OR IF A DESIGNATED BENEFICIARY HAS FAILED TO
SURVIVE THE PARTICIPANT, BENEFITS SHALL BE PAID TO ONE
(1) OF THE FOLLOWING, AT THE OPTION OF THE PERSONNEL
OFFICER:

(1)    TO THE SURVIVING SPOUSE.

(2)    SURVIVING CHILDREN, IN EQUAL SHARES.

(3)    THE EXECUTOR OR ADMINISTRATOR OF THE
PARTICIPANT'S ESTATE.

(C)    PAYMENT MADE TO ANY PERSON PURSUANT TO THE
PROVISIONS OF THIS SECTION SHALL RELEASE THE PENSION FUND
FROM ALL FURTHER LIABILITY TO THE EXTENT OF SUCH PAYMENT.

SECTION 1-278. FUNDING.

(A) THE BENEFITS AVAILABLE TO PARTICIPANTS OTHER
THAN RETIRED EMPLOYEES SHALL BE FUNDED UNDER A GROUP
ANNUITY CONTRACT ISSUED BY THE INSURANCE COMPANY, THE
ASSETS UNDER SUCH CONTRACT ARE HEREIN REFERRED TO AS THE