(a) Upon receipt of proof of a participantâs death, the beneficiary or beneficiaries shall be entitled to a death benefit that is a lump-sum distribution of the balance remaining in the participantâs account. (1) If the participant died prior to termination of employment or distribution of all of the contributions and earnings credited to the participantâs account, the lump-sum distribution shall be an amount that is equal to the balance remaining in the participantâs account. (2) If the participant died while receiving a periodic payment, any remaining payments shall be paid to the beneficiary under the same schedule until there is no balance remaining in the participantâs account. (b) Application for the distribution shall be made on an application form prescribed by the board.
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