(1) The death benefit of an active or inactive member not vested at time of death shall equal the excess, if any, of the member’s accumulated contributions at the time the benefit becomes payable over the aggregate of all benefit payments ever made to the member.
(2)  The death benefit of an early or service retired member shall equal the excess, if any, of the member’s accumulated contributions at the time the member retired over the aggregate of all retirement allowance payments ever made to the member, the member’s named contingent annuitant, and the optional death benefit recipient, if any.
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Terms Used In Idaho Code 59-1361

  • Accumulated contributions: means the sum of amounts contributed by a member of the system, together with regular interest credit thereon. See Idaho Code 59-1302
  • Actuarial equivalent: means a benefit equal in value to another benefit, when computed on the basis of the actuarial tables in use by the system. See Idaho Code 59-1302
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means the person who is nominated by the written designation of a member, duly executed and filed with the board, to receive the death benefit. See Idaho Code 59-1302
  • board: means the board provided for in sections 59-1304 and 59-1305, Idaho Code, to administer the retirement system. See Idaho Code 59-1302
  • Contingent annuitant: means the person designated by a member under certain retirement options to receive benefit payments upon the death of the member. See Idaho Code 59-1302
  • Death benefit: means the amount, if any, payable upon the death of a member. See Idaho Code 59-1302
  • Early retirement: means retirement by a member prior to age sixty (60) years for police officer members or age sixty-five (65) years for general members. See Idaho Code 59-1302
  • Early retirement allowance: means the periodic payment becoming payable to a member who meets all applicable eligibility requirements for early retirement. See Idaho Code 59-1302
  • Inactive member: means a former active member who is not an employee and is not receiving any form of retirement allowance, who has not requested a separation benefit, or for whom a separation benefit has not become payable. See Idaho Code 59-1302
  • Member: means an active member, inactive member or a retired member. See Idaho Code 59-1302
  • Retired member: means a former active member receiving a retirement allowance. See Idaho Code 59-1302
  • Retirement: means the acceptance of a retirement allowance under this chapter upon termination of employment and, unless otherwise provided by law, requires a termination of employment from an employer participating in PERSI, the judges retirement fund, the firefighters retirement fund or the optional retirement plan. See Idaho Code 59-1302
  • Service: means being shown on an employer’s payroll as an employee receiving a salary. See Idaho Code 59-1302
  • State: means the state of Idaho. See Idaho Code 59-1302
  • Vested member: means an active or inactive member who has at least five (5) years of credited service, except that a member who at the time of his separation from service:
Idaho Code 59-1302
(3)  The death benefit of a vested member who, at the time of death is either active, inactive, or a disability retiree, shall equal the excess, if any, of two hundred percent (200%) of the member’s accumulated contributions at the time of death over the aggregate of all benefit payments ever made to the member and the optional death benefit recipient, if any.
(4)  The death benefit, if any, will be paid to the member’s designated beneficiary who is surviving the member at the time the benefit becomes payable. If no beneficiary has been designated or the designated beneficiary has predeceased the member, the death benefit will be paid to the surviving spouse, and if there is no surviving spouse it will be paid in accordance with the laws of descent and distribution of the state of Idaho as they may then be in effect. The designated beneficiary may waive, in writing as required by the board, any death benefit otherwise payable. If the designated beneficiary waives the death benefit, it will be paid as if the designated beneficiary predeceased the member.
(5)  When the surviving spouse of a vested member is entitled to a death benefit under subsection (3) of this section, the surviving spouse may elect either an allowance as provided in option 1 under section 59-1351, Idaho Code, or a one (1) time lump sum death benefit payment as provided in subsection (3) of this section. The initial retirement allowance upon which such optional retirement allowance is based shall be calculated as if the member had retired immediately before his death. If the member is not then eligible to receive a service or early retirement allowance, such initial retirement allowance shall equal the actuarial equivalent of the retirement allowance payable when the member would first be eligible for service or early retirement, calculated as if he had separated from service immediately before his death.