Delaware Code Title 11 Sec. 8823 – Death benefit
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Upon the death of a member, inactive member, retired member or individual receiving a survivor’s pension, there shall be paid to the designated beneficiary or beneficiaries or, in the absence of a designated beneficiary, to the estate of the member, inactive member, retired member or survivor, a lump sum equal to the excess, if any, of the accumulated member contributions with interest over the aggregate of all pension payments made.
Terms Used In Delaware Code Title 11 Sec. 8823
- 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
- Inactive member: shall mean a member who is an employee on or after the member:
- Member: shall mean a person who is an employee on or after the date the employer affiliates with the Fund. See Delaware Code Title 11 Sec. 8801
- Retired member: shall mean a member who has terminated service, other than an inactive member, who is eligible to receive a service or disability pension under this chapter. See Delaware Code Title 11 Sec. 8801