25
U nder the unm odified plan accrued b e
nefits are payable to the adm inistrator or
executor of the estate o f the deceased
m em ber.
U nder option N o. 1 accrued benefits
other than the an n u ity portion of the a l
low ance are payable to the adm inistrator
or executor of the estate of the deceased
m em ber. W hen electing paym ent of bene
fits under option N o. 1 a retiring member
of the system m ay designate any person
to receive any balance rem aining in his
account at the tim e of his death.
U nder options N o. 2 and N o. 3 accrued
benefits are payable to the adm inistrator
or executor of the estate of the deceased
m em ber and benefits to the m em ber’s
b en eficiary, if surviving, shall accrue from
the date of the death of the m em ber. R e
tirem ent allow ances payable to the su r
v iv in g b en eficiary of a deceased m em ber
under aptions N o. 2 and No. 3 shall cease
w ith the allow ance payable for the last
fu ll calendar m onth of such ben eficiary ’s
life .
Walling Sand &
Gravel Company
SAND - GRAVEL
CRUSHED ROCK
R eady M ixed C oncrete
G arden Sand
D rivew ay and F ill M aterials
E. Hoyt, Salem
Rule N o. 18
Unless and u n til he has retired under
option N o. 2 or N o. 3 a m em ber of the
system m ay designate new beneficiaries or
revoke previous designations by giving
w ritten notice to the retirem ent board on
form s furnished by the board, but no r e
vocation or new designation shall be e f
fective u n til received and filed by the
executive secretary of the P u b lic E m
ployes Retirem ent Board.
W hen a m em ber designates a new ben e
fic ia ry or beneficiaries, such action shall
annul and revoke all prior designations.
No person m ay be designated as a bene
ficia ry of a m em ber unless facts show
that such person has an insurable interest
in the life of the m em ber.
A n insurable interest in the life of a
m em ber is an interest w hether pecuniary,
or one of affection or dependency based
on reasonable grounds for expectation of
benefit or advantage from continuation of
Phone 3-9249
RECORDS FOR
EVERY OCCASION
M ail O rders Invited
Downstairs Oregon Bldg.
Corner State and High
STATE TIRE SERVICE
Distributor
The
GENERAL Tire
KRAFT SYSTEM RECAPPING
GENERAL BATTERIES
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Salem
710 State St., Phone 2-2459
Philomath
Phone 100