Death Claims and Retirement Benefits Overview
Learn about death claims payments to beneficiaries, retirement benefits, and payment options for retired members and active death benefits. Understand the process for estates and benefit payments, along with important disclaimers regarding the employee benefit programs administered by PEBA.
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Presentation Transcript
Death claims: payments to beneficiaries Retirement Benefits Training Fiscal year 2025
Retired member payment options1 C B A Option B Option A Option C Beneficiary receives same reduced lifetime monthly payment amount retiree received before death. Beneficiary receives refund of remaining contributions. Beneficiary receives half of reduced lifetime monthly payment amount retiree received before death. 1Death claim payments to beneficiaries are applicable only to defined benefit plans. 2
Active death payment options PEBA mails Election of Death Benefits (Form 4151) to the beneficiary after receiving all documentation to process death claim. Death claim payment options are paid to the designated beneficiary on file at PEBA. If no beneficiary is named, or the named beneficiary predeceases the member, the beneficiary will default to the member s estate. If multiple beneficiaries are named: All must choose same payment option on Form 4151. Payments cannot be made until all beneficiaries have returned the form. Payment divided equally. 3
Estates and benefit payments Member s estate receives: A refund of contributions plus interest (defined benefit plans); and Any incidental death benefit payment, if applicable. Person handling the estate must submit one of following1: Certificate of Appointment for the Personal Representative; or Affidavit for Collection of Personal Property for estates of less than $25,000. Estate cannot receive monthly benefit payments from defined benefit plans. 4
Disclaimer This presentation does not constitute a comprehensive or binding representation of the employee benefit programs PEBA administers. The terms and conditions of the employee benefit programs PEBA administers are set out in the applicable statutes and plan documents and are subject to change. Benefits administrators and others chosen by your employer to assist you with your participation in these employee benefit programs are not agents or employees of PEBA and are not authorized to bind PEBA or make representations on behalf of PEBA. Please contact PEBA for the most current information. The language used in this presentation does not create any contractual rights or entitlements for any person. 5
