9-3-421. Death benefits; monthly benefit option; refund of excess employee contributions plus interest; medical insurance premiums.
(a) If a member dies before retirement under the system, except as provided in subsection (e) of this section, the member's account plus an additional amount equal to the member's account shall be paid to the member's designated beneficiaries, or in the absence of designated beneficiaries to his estate. If the member is vested, instead of a lump sum payment, a beneficiary may elect to receive the actuarial equivalent of the lump sum of any benefit for life which is available to a retired member as provided in this article. A beneficiary, who is the surviving spouse of the deceased member and who elects to receive the actuarial equivalent of the lump sum, as a life benefit may, within eighteen (18) months of the death of the member, elect to receive the lump sum death benefit otherwise provided in this subsection plus interest accumulated on that amount less any payments received by the surviving spouse.
(b) Unless otherwise provided by the benefit option selected by a member pursuant to W.S. 9-3-420, if any member receiving benefits or his beneficiary receiving retirement benefits under this article dies before the total amount of benefits paid to either the member or his beneficiary or both equals the amount of the member's account at retirement, then the excess, if any, shall be paid to any other named beneficiary, if any, or to the member's estate.
(c) A designated beneficiary of a member, by signed affidavit, may request that medical insurance premiums be paid from the member's account balance for a period not to exceed four (4) months after the death of the member or until a benefit option has been elected.
(d) For purposes of determining a member's account under subsections (a) through (c) of this section, if a member dies before the member has vested under the system, the member's account shall consist of the contributions and interest that accrue in the manner for which contributions and interest accrue for a member who is vested.
(e) If a member initially employed on or after July 1, 2019 who is not vested and is not a current employee at the time of death, which occurs before retirement under the system, only the member's account shall be paid to the member's designated beneficiaries, or in the absence of designated beneficiaries to the member's estate.
Structure Wyoming Statutes
Title 9 - Administration of the Government
Chapter 3 - Compensation and Benefits
Section 9-3-401 - Short Title.
Section 9-3-402 - Definitions.
Section 9-3-403 - Wyoming Retirement System; Establishment; Purpose; Powers as Body Corporate.
Section 9-3-405 - Retirement Board Duties and Powers.
Section 9-3-411 - Retirement Board; Right to Hearing Before Board; Judicial Review.
Section 9-3-415 - When Retirement Permitted; Service Credit.
Section 9-3-418 - Amount of Service Retirement Benefit; Firefighter Members Excluded.
Section 9-3-419 - Retirement Benefit Adjustments.
Section 9-3-420 - Option as to Form of Benefit; Beneficiary Designations.
Section 9-3-427 - Other Retirement Plans Prohibited.
Section 9-3-428 - Construction of Article; Limitation of Liability of State; Termination of System.
Section 9-3-429 - False Statements and Records Prohibited; Right to Modify Article.
Section 9-3-433 - Short Title.
Section 9-3-434 - Definitions.
Section 9-3-436 - Establishment of Trust.
Section 9-3-437 - Powers of Trustee.
Section 9-3-438 - Delegation of Functions.
Section 9-3-439 - General Duties of Trustee and Fiduciary.
Section 9-3-440 - Duties of Trustee in Investing and Managing Assets of Retirement System.
Section 9-3-441 - Special Application of Duties.
Section 9-3-442 - Reviewing Compliance.
Section 9-3-443 - Liability of Trustee or Other Fiduciary.
Section 9-3-444 - Open Meetings and Records.
Section 9-3-445 - Disclosure to Public.
Section 9-3-446 - Disclosure to Participants and Beneficiaries.
Section 9-3-447 - Reports to Agency.
Section 9-3-448 - Summary Plan Description.
Section 9-3-449 - Annual Disclosure of Financial and Actuarial Status.
Section 9-3-450 - Annual Report.
Section 9-3-451 - Enforcement.
Section 9-3-452 - Alienation of Benefits.
Section 9-3-454 - Required Determinations for Recommended Benefit Increases.