Death During DROP Participation. If an employee participating in the DROP dies either: (1) before full retirement, that is before termination of employment with the County, or (2) during full retirement (that is, after termination of employment with the County but before the DROP account balance has been fully paid), the employee’s designated beneficiary(ies) shall receive the remaining balance in the employee’s DROP account in the manner in which they elect from the previously mentioned distribution methods (Subsection J). If there is no such beneficiary, the account balance shall be paid in a lump sum to the estate of the employee. Benefits payable from the Macomb County Employees Retirement System shall be determined as though the employee participating in the DROP had separated from service on the day prior to the employee’s date of death.
Death During DROP Participation. Except as otherwise provided in subsection L, if an employee participating in the DROP dies either: (i) before full retirement (i.e., before termination of service); or (ii) during full retirement (i.e., after termination of service) but before the DROP account balance has been fully paid out, the Participant’s designated beneficiary(ies) shall receive the remaining balance in the Participant’s DROP Account in the manner in which they elect from the previously mentioned distribution methods (Subsection I). In the event the Participant has failed to name a beneficiary, the account balance shall be payable to the Participant’s beneficiary of benefits from the Fire and Police Retirement System. If there is no such beneficiary, the account balance shall be paid in a lump sum to the Participant’s estate. Benefits payable from the Fire and Police Retirement System shall be determined as though the DROP Participant had separated from service on the day prior to the Participant’s date of death.
Death During DROP Participation. Except as otherwise provided in Paragraph 11, if the Participant dies either: (i) before cessation of service to the County or (ii) after cessation of service to the County but before the DROP Account balance has been fully paid out, the Participant’s designated beneficiary(ies) shall receive the remaining balance in the Participant’s DROP Account in the manner in which they elect from the previously mentioned distribution methods (Paragraph 8). In the event the Participant has failed to name a beneficiary, the account balance shall be payable to the Participant’s beneficiary of benefits from the Retirement System. If there is no such beneficiary, the account balance shall be paid in a lump sum to the Participant’s estate. Benefits payable from the Retirement System shall be determined as though the Participant had separated from service on the day prior to the Participant’s date of death.
Death During DROP Participation. Except as otherwise provided in Subsection K, if a participant in the R.T.P.O.A. DROP dies either: (i) before full retirement (i.e., before termination of employment); or (ii) during full retirement (i.e. after termination of employment) but before the participant’s R.T.P.O.A. DROP account balance has been fully paid out, the participant’s R.T.P.O.A. DROP beneficiary(ies) shall receive the remaining balance in the participant’s R.T.P.O.A. DROP account. In the event the participant has failed to name a beneficiary, the account balance shall be payable to the participant's beneficiary(ies), if any, listed with the Xxxxxxx Township Police and Fire Retirement System. If there is no such beneficiary listed, then the account balance shall be paid in a lump sum to the participant's estate. Benefits payable from the Xxxxxxx Township Police and Fire Retirement System shall be determined as though the R.T.P.O.A DROP participant had separated service on the day prior to the participant's date of death.
Death During DROP Participation. Except as otherwise provided in Subsection L, if a DROP Participant dies either before full retirement (i.e., before termination of service), or during full retirement (i.e., after termination of service), but before the DROP account balance has been fully paid out, the Participant’s designated beneficiary or beneficiaries shall receive the remaining balance in the Participant’s DROP Account in the manner in which they elect from the previously mentioned distribution methods (Subsection I). In the event the Participant has failed to name a beneficiary, the DROP account balance shall be payable to the Participant’s beneficiary of benefits from the Retirement System. If there is no such beneficiary, the DROP account balance shall be paid in a lump sum to the Participant’s estate. Benefits payable from the Retirement System shall be determined as if the DROP Participant had separated from service on the day prior to his or her date of death.
