Act Governing the Retirement, Bereavement Compensation, Discharge with Severance Pay Benefits for the Teaching and Other Staff of School Legal Persons and their Respective Private School(s) Article 21

When a staff member who has chosen regular periodic payments or a lump-sum plus regular periodic payments dies, if the annuity insurance in which the deceased was enrolled in accordance with the provisions of Paragraphs 3 and 5 of the preceding article does not provide for continued receipt of payments by his or her survivors, after deducting the total regular periodic payments already received by the deceased, the insurer shall pay the guaranteed amount due to the deceased in accordance with the annuity insurance the deceased was enrolled in, the insurer shall pay the balance, discounted to present value at the stipulated interest rate, to the survivors in a lump-sum.If the deceased person has no survivors to receive the payment referred to in the preceding paragraph and did not leave a will giving instructions regarding how any such payment was to be used, after using the amount necessary for funeral expenses, the school where the deceased was formerly employed may use the balance exclusively to offer general or special scholarships for students studying there.The scope, order of entitlement, and proportional entitlements of the survivors referred to in Paragraph 1 shall be in accordance with the provisions of the annuity insurance contract; if the contract does not contain any such provisions, the handling of such matters shall be governed by the provisions of the Civil Code.