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Payment of benefits - 24 Pa. Cons. Stat. § 8349

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     § 8349.  Payment of benefits.
        (a)  Annuities.--Any annuity granted under the provisions of
     this part shall be paid in equal monthly installments.
        (b)  Death benefits.--If the amount of a death benefit
     payable to a beneficiary under section 8347 (relating to death
     benefits) or under the provisions of Option 1 of section
     8345(a)(1) (relating to member's options) is $10,000 or more,
     such beneficiary may elect to receive payment according to one
     of the following options:
            (1)  A lump sum payment.
            (2)  An annuity actuarially equivalent to the amount
        payable.
            (3)  A lump sum payment and an annuity such that the
        annuity is actuarially equivalent to the amount payable less
        the lump sum payment specified by the beneficiary.
        (c)  Death or absence of beneficiary.--If the beneficiary
     designated by a member should predecease him or die within 30
     days of his death, or if a valid nomination of a beneficiary is
     not in effect at his death, any money payable to a beneficiary
     shall be paid to the estate of the member.
     (Apr. 23, 2002, P.L.272, No.38, eff. imd.)

        2002 Amendment.  Act 38 amended subsec. (b).

Last modified: November 27, 2007