(1) Upon death of a member, occurring while in active service, if no surviving spouse's annuity, children's annuities, or dependent parent annuities are payable, the designated beneficiary of the member or his or her estate shall be entitled to a death benefit equal to the total contributions made by the member, including the amount of any employee contributions picked up by the urban-county government pursuant to KRS 67A.510(2), without interest, or one thousand five hundred dollars ($1,500), whichever is greater.
(2) Upon death of a retired member, if no surviving spouse's annuity, children's annuities, or dependent parent annuities shall be due and payable, a death benefit shall be paid to the designated beneficiary or estate of the member, equal to the excess, if any, of the total contributions made by the member, including those picked up pursuant to KRS 67A.510(2), to this fund to the date of retirement, without interest, over the total annuity payments received by the member. The minimum payment in such case shall be one thousand five hundred dollars ($1,500). If a surviving spouse's annuity, children's annuities, or dependent parent annuities are payable after the death of the retired member, the amount of such death benefit, if any, shall be determined upon termination of annuity payments to all survivors of the member, whether such termination occurs by death or other cause.