5505.21 Distribution of accumulated contributions when no pension payable.

Should a member of the state highway patrol retirement system die and no pension becomes payable from funds of the system on account of the member's employment with the patrol, the member's accumulated contributions, less interest, standing to the member's credit in the employees' savings fund at the time of death shall be paid to the beneficiary or beneficiaries the member has nominated by written designation duly executed and filed with the state highway patrol retirement board. A member may designate an individual or a trust as a beneficiary. If there is no designated beneficiary surviving the member, the member's accumulated contributions shall be paid according to the state law of descent and distribution; provided that, if the member's accumulated contributions are not claimed by an eligible person or by the estate of the deceased member within seven years, they shall be transferred to the income fund of the system and after that shall be paid from that fund to such person or estate upon application to the board.

Amended by 131st General Assembly File No. TBD, HB 520, §1, eff. 4/6/2017.

Effective Date: 04-16-1993 .