Reference is to Printer's Date .
Amend the bill, as and if amended, in Part IV, by adding a new SECTION at the end appropriately numbered to read:
/ SECTION __. A. Section 9-1-1660 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding two new subsections at the end to read:
"(C) Regardless of
whether a member is in service, if a member dies before
retirement and, at the time of the member's death, was eligible
to receive a service retirement allowance pursuant to Section
9-1-1510 or Section 9-1-1515, the person nominated by a member
to receive the full amount of the member's accumulated
contributions if the member dies before retirement may elect to
receive, in lieu of the accumulated contributions, an allowance
for life in the same amount as if the deceased member had
retired at the time of the member's death and had named the
person as beneficiary under an election of Option B of Section
9-1-1620(A).
(D) If a member has
designated more than one beneficiary for the receipt of the
member's accumulated contributions if the member dies before
retirement, and if those beneficiaries become eligible to elect
an allowance pursuant to this Section upon the member's death,
all of the beneficiaries must elect the allowance in order for
the allowance to become payable in lieu of the return of
accumulated contributions."
B. Section 9-11-130 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding two new subsections at the end to read:
"(3) Regardless of
whether a member is in service, if a member dies before
retirement and, at the time of the member's death, was eligible
to receive a service retirement allowance pursuant to Section
9-11-60 or Section 9-11-70, the person nominated by a member
pursuant to Section 9-11-110 to receive a lump sum amount if the
member dies before retirement may elect to receive, in lieu of
the lump sum amount otherwise payable, an allowance for life in
the same amount as if the deceased member had retired at the
time of the member's death and had named the person as
beneficiary under an election of Option B under Section
9-11-150(A).
(4) If a member has
designated more than one beneficiary pursuant to Section
9-11-110 to receive a lump sum amount if the member dies before
retirement, and if those beneficiaries become eligible to elect
an allowance pursuant to this Section upon the member's death,
all of the beneficiaries must elect the allowance in order for
the allowance to become payable in lieu of the lump sum amount
otherwise payable." /
Renumber sections to conform.
Amend title to conform.