Beneficiaries

All of the accumulated money contributed by the Participant (except for the 0.5% deductions withheld to provide annuity increases) that is not paid out either in the form of annuity to the Participant or to the spouse or minor children, or to a designated person described under the reversionary annuity section, will be refunded to a person whom the Participant has designated in writing. The designation must be filed with the Retirement Board before the Participant’s death. If no such person is designated, then the remaining employee contributions will be payable to the Participant’s children in equal parts, with the children of a deceased child taking the share of their parent. If there is no designated person or descendant surviving the Participant, the refundable amount will be paid to the Participant’s estate. Under no condition is a refund made of Employer contributions. Employer contributions are used for annuity purposes only.