MARVIN MANDEL, Governor

3293

(8) (a) Upon the receipt of proper proofs of the
death of a member in service there shall be paid to the
member's estate or to [such] ANY person having an
insurable interest in the life of the deceased[,as] THAT
he [shall have] HAS nominated by written designation duly
executed and filed with the board of trustees:

(i) The member's accumulated contributions;
and

(ii) If the member has one through two years
of creditable service, and amount equal to his annual
earnable compensation at the time of his death.

(b) The board of trustees is authorized to take
[such] THE steps fas are] necessary to provide the death
benefit under this subsection in the form of group life
insurance, if, in the opinion of the board of trustees,
[such] THAT provision would allow a more favorable tax
treatment of the benefit to the beneficiaries thereof.

No ordinary death benefit shall be paid for the
death of any member whenever a special death benefit
shall be paid for the same.

(C) [[A MEMBER MAY AT ANY TIME CHANGE HIS
BENEFICIARY OR BENEFICIARIES.]] A RETIRED MEMBER MAY
ELECT TO CHANGE HIS OR HER BENEFICIARY, IN WHICH EVENT,
THE ALLOWANCE FOR A SUBSEQUENT ELECTION SHALL BE COMPUTED
ON THE VALUE OF THE BALANCE IN HIS OR HER RESERVES AT THE
TIME THE CHANGE IN BENEFICIARY IS MADE.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 752
(House Bill 1106)

AN ACT concerning

Retirement Systems — Military Service Credit for
the National Guard and Reservists

FOR the purpose of excluding employees who are members of
the National Guard and reserves from the prohibition
of dual use of military service time for benefit in