Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where:
(a) a preserved benefit, or part of a preserved benefit, applicable to a person who has ceased to be a member becomes payable; and
(b) the preserved benefit, or the part of the preserved benefit, consists only of an amount of member benefit;
then:
(c) if the preserved benefit consists only of an amount of member benefit that is totally funded--the preserved benefit, or the part of the preserved benefit, is payable to, or in respect of, the person by the Board; or
(d) if paragraph (c) does not apply:
(i) an amount equal to:
(A) if the total amount of preserved benefit is payable--the part of the member benefit that is totally funded; or
(B) if a part of a preserved benefit is payable--a corresponding part of the part of the member benefit that is totally funded;
is payable by the Board to the Commonwealth; and
(ii) the preserved benefit, or the part of the preserved benefit, is payable to, or in respect of, the person by the Commonwealth.
(2) Where:
(a) a preserved benefit applicable to a person who has ceased to be a member becomes payable; and
(b) the preserved benefit includes both an amount of member benefit and an amount of employer benefit;
then:
(c) an amount equal to the sum of:
(i) the part of the member benefit included in the preserved benefit that is totally funded; and
(ii) so much of the funded employer benefit in relation to the person as is included in the preserved benefit;
is payable by the Board to the Commonwealth; and
(d) the preserved benefit is payable to, or in respect of, the person by the Commonwealth.
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