(a) Except for the month of December, 1999, monthly benefit payments shall be remitted to beneficiaries on the last working day of the month which shall represent payment for that month. Monthly benefit payments for the month of December, 1999, shall be remitted to beneficiaries on December 28, 1999, which shall represent payment for that month. “Remitted” means either to issue payment by first class mail or by direct deposit in an account at a financial institution selected by the beneficiary.
(b) All monthly benefit payments shall cease in the month in which the payee dies, unless otherwise specifically provided for in chapters 34-37 of this title. If the payee was a retired member who did not elect an optional allowance pursuant to § 8-36-601, a monthly benefit payment shall be issued for the month in which the retired member died and shall be payable to the person nominated as beneficiary by the member pursuant to § 8-36-121. If no surviving beneficiary exists upon the retiree's death, the payment shall be made in accordance with § 8-36-120. If the payee was a beneficiary receiving benefits under the terms of an optional allowance, a monthly benefit payment shall be issued for the month in which the beneficiary died and shall be paid in accordance with § 8-36-120.
(c) The board of trustees is hereby authorized to promulgate substantive and procedural rules and regulations requiring recipients of monthly benefits hereunder to be paid such benefits by direct deposit or by electronic transfer.
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