§ 5061. Death benefit; post retirement
The beneficiary of a member who dies after retirement shall receive at the member’s death, a lump sum equal in amount to the difference between the member’s accumulated contributions at the time of retirement and the sum of the annuity payments actually made to the member during his or her lifetime. However, if the member elected an option prior to the commencement of the benefit, the provisions thereof shall apply. Under all options, in the absence of a written designation of beneficiary, or in the event the designated beneficiary is deceased, the residual amount payable as a result of the death of the member after retirement shall be payable as follows:
(1) In the case of an open estate, to the administrator or executor.
(2) In the case of a closed estate and the residual amount payable is valued at less than $1,000.00, in accordance with the Probate Division of the Superior Court decree of distribution.
(3) In the absence of an open estate or Probate Division of the Superior Court decree of distribution, and the residual amount payable is valued at less than $1,000.00 to the surviving spouse of the deceased owner, or, if there is no surviving spouse, then to the next of kin according to 14 V.S.A. § 551.
(4) In all other cases, a probate estate shall be opened by the claimant, or other interested party, in order to determine the appropriate distribution of the residual amount payable. When an estate is opened solely to distribute the residual amount payable under this section, the Probate Division of the Superior Court may waive any filing fees. (Added 1973, No. 251 (Adj. Sess.), § 3; amended 2007, No. 13, § 43; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011.)
Structure Vermont Statutes
Title 24 - Municipal and County Government
Chapter 125 - Municipal Employees' Retirement System of Vermont
§ 5052. Name and date of establishment
§ 5053a. Employees of a supervisory union
§ 5055. Normal and early retirement
§ 5056a. Benefit denial; evidentiary hearing
§ 5057. Reexamination of disability beneficiary
§ 5059. Termination of service; preretirement death benefit
§ 5061. Death benefit; post retirement
§ 5061a. Accidental and occupationally-related death benefit
§ 5061b. Death benefit after retirement—Group D
§ 5062. Retirement Board; Medical Board; actuary; rates of contribution; safekeeping of securities
§ 5063. Investments; interest rate; disbursements
§ 5063a. Compliance with federal law
§ 5066. Exemption of member’s interest; assignment
§ 5066a. Alternate payee; domestic relations orders