Retired Member Death Benefit

Basic Retiree Death Benefit:

A one time $5,000 lump sum death benefit is payable to the beneficiary of a retiree. This benefit is only paid upon the death of a retiree; it is not paid upon the death of a beneficiary. Your beneficiary designated to receive this benefit need not be the same as the person listed to receive a continuance.

This payment is in addition to the following:

• The type of death benefits payable to the beneficiary of a retiree depend on the Option elected by the retiree at the time of retirement and the type of retirement granted. These benefits are described below:
   

• Unmodified Option: — Non-Service Connected Disability/Service Retirement
   
  

  • upon your death, your qualified spouse — if named as beneficiary, shall receive sixty percent (60%) of your monthly allowance; or
     

  • if no qualified spouse exists — named beneficiary receives lump sum refund of any remaining member contributions
     

• Unmodified Option—Service Connected Disability
   

• upon your death, your qualified spouse or eligible minor children*, if named as beneficiary, shall receive the 100% of your monthly retirement allowance.
   

• if no qualified spouse or children exists — named beneficiary receives lump sum refund of any remaining member contributions
   

*Allowances to minor children continue until the age of eighteen (18), if a full time student, the allowance will continue until age twenty-one (21) or until their marriage, whichever occurs first.
 

• Unmodified Option — Temporary (Added) Annuity Option:
   

• upon your death, your qualified surviving spouse or eligible child will receive sixty percent (60%) of the unmodified annuity allowance plus sixty percent (60%) of any cost of living increases you normally receive on your Added Annuity.
   

• Option 1:
   

• upon your death, your beneficiary will be eligible to receive the balance of your contributions that you have not received.
   

• Option 2:
   

• Upon your death, your named beneficiary will receive a lifetime retirement allowance equal to 100% of your retirement allowance
   

• Option 3:
   

• Upon your death, your named beneficiary will receive a lifetime retirement allowance equal to 50% of your retirement allowance.
   

• Option 4:
   

• Upon your death, your named beneficiary will receive a lifetime retirement allowance equal to the amount or percentage you specified at the time of your retirement.
   

Frequently Asked Questions (FAQs):

• What if Ive retired and the person named as beneficiary on my retirement contract dies before I do?