The capital credits of a deceased member may be paid without waiting for a general retirement. However, these estate payments are not automatic. A legal representative of the estate must request the credits by submitting an application and a copy of the death certificate. These will be approved by the Grady EMC Board of Directors. If retirement is approved by the Board, a check will be issued to the estate and the account closed.
Capital credits that are claimed early due to the death of a family member are returned at a discounted rate. This discount rate is used to determine the net present value of the immediate payout of the deceased member’s capital credits. Present value is a calculation to determine the current value of a future payment.
Any past due and unpaid amounts owed to the Cooperative by the members will be deducted from the amount of the capital credit refund before payment is made or before the refund is deposited to the unclaimed funds account.