In the event the total retirement payments made to a retired member and the retired member's joint annuitant, if any, are less than the member's accumulated contributions with interest as credited at the time of retirement under Section 17-105 of this title, the difference shall be paid to the member's designated beneficiary or if no designated beneficiary survives, then to the member's nearest surviving next of kin as determined by law. This provision shall apply to retired members dying on or after July 1, 1979.
Laws 1980, c. 355, § 6, eff. July 1, 1980.