Educate Yourself

Death of a Retiree

PLAN A, PLAN B-OPTION 1

Lump Sum Settlement
If the retiree chose retirement Plan A or Plan B-Option 1, the deceased retiree’s beneficiary(ies) could be eligible for a lump sum refund, and will need to provide TRS the following:

• A Beneficiary Withdrawal Application
• A photocopy of the death certificate (TRS must have this before any claims are paid).
• Repayment of benefits issued after month in which the retiree died (if applicable). For example, if a retiree dies in June, monthly payments issued July and forward must be returned to TRS.  (TRS must receive repayment before any claims are paid).
• If the beneficiary is a minor, TRS needs a copy of guardianship papers.
• If the beneficiary is the Estate of the retiree, TRS needs Executorship papers.
• If the beneficiary is unable to conduct financial transactions, TRS needs Power of Attorney papers.
• If multiple beneficiaries are chosen, the lump sum settlement is divided equally unless otherwise stated on the retiree’s retirement application.
  Lump-sum settlements are made only when funds remain in a retiree’s account.
• If the primary beneficiary predeceases the retiree, a lump-sum refund (when applicable) will be made the deceased retiree’s estate.  TRS will need a photocopy of the beneficiary’s death certificate.