1. (1) If the total amount of pension benefits paid under the lifetime benefit component as provided in this article 31.5 at the time of death is less than the amount of the members' contributions to the lifetime benefit component, the difference shall be paid to:

   1. (a) The member's estate, if no pension payment was made pursuant to an option under section 31-31.5-406; or
   2. (b) The survivor's estate, if pension payments were made pursuant to an option under section 31-31.5-406.

Source: Entire article added, (HB 22-1034), ch. 61, p. 292, § 1, effective August 10.