(a) Upon receipt of proof of a participant’s death, the beneficiary or beneficiaries shall be entitled to a death benefit that is a lump sum distribution of the balance remaining in the participant’s account.
(b) If the participant died prior to termination of employment or distribution of all of the contributions and earnings credited to the participant’s account, the lump sum distribution shall be an amount that is equal to the balance remaining in the participant’s account.
(c) Application for the distribution shall be made on an application form and in the manner prescribed by the board.
(Added by Stats. 1999, Ch. 307, Sec. 4. Effective January 1, 2000.)