§ 203-113. Loan Insurance.

In case of the death of a member who executes a loan on or after July 1, 1967, any unpaid balance of a loan at the time any benefit becomes payable shall be deducted from the benefit otherwise payable, provided, however, that:

(a)

If a benefit is payable by reason of the death of the member after the 30th and before the 60th day after making a loan, 25 percent of the amount of the loan outstanding not in excess of $2,000 shall not be deducted from the benefit.

(b)

If a benefit is payable by reason of the death of a member on or after the 60th but before the 90th day after the making of a loan, 50 percent of the loan outstanding not in excess of $2,000 shall not be deducted from the benefit.

(c)

If a benefit is payable by reason of the death of a member on or after the 90th day after the making of a loan, no part of the loan outstanding not in excess of $2,000 shall be deducted from the benefit.

For the purposes of this section, the term "benefit" shall include the return of accumulated contributions.

Effective January 1, 1978, for purposes of this section, the term "member" shall be defined to include both active and retired members of the Cincinnati Retirement System.

(C.O. 203-64; ordained by Ord. No. 205-1967, eff. June 16, 1967; renumbered to C.M.C. 203-113, eff. Jan. 1, 1972; a. Ord. No. 96-1978, eff. Mar. 15, 1978; a. Ord. No. 545-1983, eff. Dec. 23, 1983; a. Ord. No. 341-1995, eff. Nov. 17, 1995)