(a) Upon the death of an individual receiving a pension under this chapter a benefit will be provided in the same manner as benefits provided under § 5546 of this title to the designated beneficiary or in the absence of a designated beneficiary the amount of this benefit shall be paid to the deceased pensioner's estate.
(b) The benefit granted under this section shall not be construed as a contractual obligation of the State or of the Pension Fund and may be revised or terminated by an act of the General Assembly.