§ 18-116. Death after retirement date.

In the event of the death of a retired employee prior to the receipt by said employee of benefits under this article in an amount equal to the total amount contributed by such employee to the pension fund, together with interest thereon at the rate of three per cent (3%) per annum to January 1, 1977, and five per cent (5%) per annum thereafter computed to the date of the employee's retirement as provided in section 18-117, then the excess of such contribution plus interest to the date of retirement over the amount of the benefits received by such employee under this section shall be paid to the beneficiary of such deceased employee unless the retired employee has elected the retirement annuity option provided in section 18-118 in which event benefits will be paid in accordance with such option. The designated beneficiary of an employee who retired prior to January 1, 1977, but who dies subsequent thereto, shall be eligible to receive benefits computed in accordance with the provisions of the plan in effect as of the date of such employee's retirement.

(Code 1958, § 21-52)