(a) Upon the death of an individual receiving a pension under this chapter the sum of $7,000 shall be paid from the Fund to a 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.
(c) Benefits granted under this section may be assigned to a licensed funeral home to cover the funeral and associated expenses of the deceased pensioner, subject to the signed consent of the beneficiary or his or her legal guardian using a form approved for such use by the Board of Pension Trustees.