1. If a person who is a member of the System and has less than 2 years of accredited contributing service or has more than 2 years of accredited service and payments are not due under NRS 286.673 to 286.677, inclusive, dies before retiring, the amount credited at the time of the member’s death to the member’s account in the Public Employees’ Retirement Fund shall be paid directly and without probate or administration to the beneficiaries which the member designates.
2. Should more than one beneficiary be named, the amount standing to the credit of the member shall be distributed equally among such persons unless otherwise specifically directed by the member. Full payment by the Board to persons designated as beneficiaries shall discharge the Board and System completely on account of the death.
3. The death of any named beneficiary, prior to the death of the member, shall operate to distribute the share of the deceased beneficiary in equal shares to the other named beneficiaries who shall survive, but if the deceased beneficiary shall be survived by minor children the share of the deceased beneficiary shall be distributed in equal shares among such surviving minor children.
4. Should no beneficiaries survive, or should the member not designate a beneficiary, the amount otherwise due shall be paid directly to the estate of the deceased member.
[21:181:1947; A 1951, 269] — (NRS A 1963, 985; 1967, 744)