Page 259

House Bill No. 5506

Public Act No. 22-118 259 of 739

to the member's designated beneficiary for the remainder of such period. If such member's designated beneficiary dies before such member, or if such member has no designated beneficiary and such member dies before receiving the benefit for the selected period, any remaining benefit shall be paid to such member's estate as a commuted value. If there are multiple designated beneficiaries and a designated beneficiary dies before the end of the selected period, the deceased designated beneficiary's remaining benefit shall be allocated equally to the remaining living designated beneficiaries. If a sole designated beneficiary dies before the end of such period, any remaining benefit shall be paid to the designated beneficiary's estate as a commuted value. [(c) A] (d) (1) A member may elect the Plan D coparticipant's option. [may be elected in which the member receives] A member electing this option shall receive an actuarially reduced benefit as [provided in] described in subdivision (2) of this subsection [(d) of this section] and, upon such member's death, one-third, one-half, two-thirds, three- fourths or all of such [amount is] benefit shall be paid to such member's designated beneficiary for life. Any member who elects this option shall select one designated beneficiary, who shall be such member's coparticipant. The member's selection of a designated beneficiary shall be irrevocable and shall terminate only as provided in this subsection. With respect to any benefits which become effective on or after January 1, 2001, if twenty-five per cent of the aggregate benefits paid to the member or such member's designated beneficiary are, upon the death of such member or such designated beneficiary, less than such member's accumulated contributions plus credited interest, the estate of such member or such designated beneficiary, as appropriate, shall be paid a lump sum amount equal to the difference between such aggregate benefits paid and such accumulated contributions plus credited interest. [(d)] (2) The benefits payable to [such] a member electing the Plan D coparticipant's option and such member's coparticipant shall be