-
(a) In the event a retirant who is in receipt of a straight life annuity dies before he or she has received in straight life annuity payments an aggregate amount equal to his or her accumulated contributions standing to his or her credit in the members’ deposit account at the time of his or her retirement, the difference between his or her accumulated contributions and the aggregate amount of straight life annuity payments received by him or her shall be paid to such persons as he or she shall have nominated by written designation duly executed and filed with the Board of Trustees of the Arkansas Public Employees’ Retirement System.
-
(b) If there is no designated person surviving the retirant, the difference, if any, shall be paid in accordance with the Arkansas laws of descent and distribution.
-
(c) The payments may be made directly to a curator or guardian, or to an administrator or an executor, authorized to receive the payments, wherever the representative may be, with or without the appointment of a representative in this state.
-
(d) In the event a member dies and does not leave a beneficiary entitled to an annuity payable from funds of the Arkansas Public Employees’ Retirement System, his or her accumulated contributions standing to his or her credit in the members’ deposit account as of the time of his or her death shall be paid pursuant to the provisions of this section.
