§ 213.49. Payment of benefits.
(a) An annuity granted under the Retirement Code will not be paid in other than equal monthly payments. Option 4 may provide for lump sum installments of no more than the accumulated deductions to be paid to the member before or after equal monthly payments commence.
(b) If a beneficiary predeceases a member, or dies within 30 days of the member’s death, or if there is no valid beneficiary designation on file to take effect at death, money payable from the account of the member shall be paid to the estate of the member or next of kin, under 20 Pa.C.S. § 3101 (relating to payments to family and funeral directors) as the case may be.
(c) As in the case of a member, an election by a beneficiary for an annuity, when made, shall be deemed to be irrevocable.
(d) Retirement Code reference: Section 8349 of the Retirement Code (relating to payment of benefits).
Source The provisions of this § 213.49 amended October 16, 1998, effective October 17, 1998, 28 Pa.B. 5226; amended August 1, 2008, effective August 2, 2008, 38 Pa.B. 4083. Immediately preceding text appears at serial page (328586).
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