Lump Sum Death Benefit Increased to $1000 Retroactively


Effective January 1, 2013, the Board of Retirement made a decision to eliminate the $4,250 non-vested portion of the former $5,000 Retired Member Lump Sum Death Benefit, thereby reducing the death benefit down to the $750 vested portion. In researching the accounts that the death benefit is paid out of, ACERA discovered that the Board of Retirement had adopted a section of code in 1992 approving a vested retiree death benefit of $1,000 to be funded by the SRBR as long as funds were available.

ACERA began paying the corrected $1,000 death benefit amount to beneficiaries of deceased members on April 1, 2014.  Additionally, ACERA will make retroactive payments of $250 to beneficiaries for retiree deaths that occurred as of January 1, 2013.