(a) A member’s contributions to the fund, without interest and less any retirement allowance paid to him or his spouse, shall be paid from the fund on the order of the Retirement Commission to the beneficiary or beneficiaries, if any, named by the member, in the following cases: (1) The death before retirement of a member who has not elected an option under the provisions of section 45a-43, or whose election of that option has not become effective, or whose election of that option has become effective, but who has not completed the age and service requirements that would permit him to retire on his own application; or (2) the death of both a member whose election of that option has become effective and his spouse after a retirement allowance has become payable.

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(b) If no named beneficiary survives the member, or the survivor of the member and his spouse, payment shall be made to the executors or administrators of the estate of the member or his spouse, as the case may be, except that, if the amount is less than one thousand dollars, the refund may be made in accordance with the terms of section 45a-273 at the option of the Retirement Commission.