In the event a member dies, the capital credits in the member’s account become a part of an estate. To assist the member’s heirs or beneficiaries in closing the estate, the capital credits may be retired early after being adjusted for the time value of money upon the request by the personal representative of the estate or the heirs of a deceased member where no personal representative has been appointed. Otherwise, the heirs or beneficiaries will receive the former member’s capital credits as they are retired in future years.
In the event of death of either partner where joint membership was held, the capital credit balance will remain in the surviving partner’s name, and it will stay on the normal retirement schedule.