N.Y.C. Admin. Code § 13-573: § 13-573 Death of participant in variable annuity program.

The beneficiary of any benefits payable pursuant to section 13-542, section 13-543, or subdivision e of section 13-556 of this chapter on the death of a participant in the variable annuity program shall be paid from the variable annuity savings fund and the variable pension accumulation fund amounts equal to the value, as of the date of death, of the units credited to the participant in the respective fund. The participant's accounts in such fund shall thereupon be cancelled.