If you die leaving no eligible survivors, your beneficiary will be paid a lump sum equal to the excess, if any, of your accumulated contributions with interest less all pension payments made, including survivor's benefits. You may designate a beneficiary by completing an Actuarial (P-1) form. This form should be updated to reflect any changes in your marital status or dependent children. If there is no designated beneficiary, the sum will be paid to your estate.
At the time of your retirement, you will have the opportunity to designate a beneficiary to receive a lump sum payment of $7,000 at the time of your death. If there is no designated beneficiary, the $7,000 would be paid to your estate.