5238

VETOES

AMOUNT OF THE PERSON'S ACCUMULATED CONTRIBUTIONS SHALL BE
PAID TO THE BENEFICIARY THE PERSON HAS NOMINATED BY WRITTEN
DESIGNATION DULY EXECUTED AND FILED WITH THE BOARD OF
TRUSTEES, OR IF THERE BE NO DESIGNATED BENEFICIARY, THEN TO
THE PERSON'S ESTATE.

117.

(15) Any member whose service is terminated other than
by death or retirement after he has rendered 5 or more years
of eligibility service shall be eligible to receive a vested
retirement allowance. The vested retirement allowance shall
be a deferred allowance that begins at age 62 and shall be
computed as a service retirement allowance as provided under
subsection (2) of this section on the basis of the member's
average final compensation and creditable service at the
time his service is terminated.

If, on the date of his termination, a member has
completed 15 years of eligibility service but has not
reached age 55, when he is 55 years old, he is eligible to
receive a vested retirement allowance, beginning on the
first day of the month next following, in a reduced amount
[which shall be of equivalent actuarial value to the
deferred allowance that begins at age 62] WHICH SHALL BE IN
ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (4) OF THIS
SECTION.

If a [member] PERSON who is eligible for a vested
retirement allowance requests the return of his
contributions, the amount of his accumulated contributions
shall be returned and, when he is 62 years old or an earlier
date as applicable under the preceding paragraph, he shall
receive a benefit equal to the State provided part of his
vested retirement allowance.

[If the member dies before the date when the first
payment of his vested retirement allowance normally becomes
due, the amount of his accumulated contributions shall be
payable to his personal representative or to the person the
member has nominated by written designation, executed and
filed with the board of trustees.]

UPON RECEIPT OF PROPER PROOFS OF THE DEATH OF THE
PERSON WHO IS ELIGIBLE FOR A VESTED RETIREMENT ALLOWANCE AND
DIES PRIOR TO HIS OR HER EFFECTIVE RETIREMENT DATE, THE
AMOUNT OF THAT PERSON'S ACCUMULATED CONTRIBUTIONS SHALL BE
PAID TO THE BENEFICIARY THE PERSON HAS NOMINATED BY WRITTEN
DESIGNATION DULY EXECUTED AND FILED WITH THE BOARD OF
TRUSTEES, OR IF THERE BE NO DESIGNATED BENEFICIARY, THEN TO
THE PERSON'S ESTATE.

145.