(1) The death benefit of a deceased justice or judge is the excess, if any, of the justice’s or judge’s accumulated contributions to the judges’ retirement fund, including accrued interest at the rate provided in section 1-2001(5), Idaho Code, over the aggregate of all retirement compensation payments and allowances ever made to the justice, judge, spouse or annuitant from the judges’ retirement fund.
(2) The death benefit is payable, and all other retirement compensation benefits and allowances shall cease, upon the death of the justice, judge, spouse or annuitant receiving a retirement compensation or allowance.
(3) The death benefit shall be paid to the beneficiary named by the justice or judge in a written designation of beneficiary on file with the retirement board if the beneficiary is surviving at the time the death benefit is payable; otherwise the death benefit shall be paid to the estate of the deceased justice or judge for distribution in accordance with the laws of descent and distribution of the state of Idaho as they may then be in effect.