68. If the employee dies before becoming eligible for a pension and has at least two years of service, the employee’s spouse or, if the employee has no spouse, the employee’s successors, are entitled to receive the higher of the following two amounts:
(1) the total contributions with accrued interest up to the date of death;
(2) the actuarial value of the deferred pension established on the date of death in accordance with the actuarial assumptions and methods determined by regulation.
The total of the contributions is established on the basis of the second paragraph of section 77 and section 79.
Where section 140 applies, the contributions and the actuarial value of the deferred pension in respect of the years and parts of a year of service credited pursuant to sections 126, 130 and 139 are excluded for the purposes of the first paragraph.
The amount determined pursuant to the first paragraph bears interest, compounded annually, at the rate determined in Schedule VIII in force on the date of death of the employee and computed from that date to the date on which the refund is made.
2001, c. 31, s. 68; 2004, c. 39, s. 231; 2006, c. 55, s. 50.