Educate Yourself

Death of Beneficiary

What happens when a retiree's beneficiary dies?
As a retiree, should your beneficiary predecease you, you can make new beneficiary designations according to the provisions of the retirement plan under which you retired.

If you retired under:

• Plan A or Plan B-Option 1, you may select another beneficiary as long as there are funds in your account remaining to be refunded.

• Plan B – Option 2, 2 Pop-up, 3, 3 Pop-up, or 4 and designated your spouse as your beneficiary, at your spouse’s death you may designate another beneficiary or you may select another retirement plan (excluding Plan A) with another beneficiary.  Please note, under this provision, after changing your beneficiary:

• Your new monthly benefit must be the actuarial equivalent of the monthly benefit prior to the change.
  
• Any change in beneficiary or between Options 2, 2 Pop-up, 3, 3 Pop-up, or 4, will provide a new reduced monthly benefit to both you and to your beneficiary at your death.
  
• The new reduced benefit is based on your age and the age of your beneficiary at the time of the change.
  Please contact our office for additional information, and to request the forms you will need.