§8349. Payment of benefits.

(a) Annuities.--Any annuity granted under the provisions of this part shall be paid in equal monthly installments.

(b) Death benefits.--If the amount of a death benefit payable to a beneficiary under section 8347 (relating to death benefits) or under the provisions of Option 1 of section 8345(a)(1) (relating to member's options) is $10,000 or more, such beneficiary may elect to receive payment according to one of the following options:

(1) A lump sum payment.

(2) An annuity actuarially equivalent to the amount payable.

(3) A lump sum payment and an annuity such that the annuity is actuarially equivalent to the amount payable less the lump sum payment specified by the beneficiary.

(c) Death or absence of beneficiary.--If the beneficiary designated by a member should predecease him or die within 30 days of his death, or if a valid nomination of a beneficiary is not in effect at his death, any money payable to a beneficiary shall be paid to the estate of the member.

(Apr. 23, 2002, P.L.272, No.38, eff. imd.)

Notation

2002 Amendment.  Act 38 amended subsec. (b).