Name Beneficiary Keep current Name and address change How you identify - spouse, sons, daughters, etc. CUP: Civil Union Partner. May continue 13% contributions to plan during disability. We will use this information to improve this page. School Employees Retirement System of Ohio. For new and returning SERS substitutes. For new or returning members of LEOFF or WSPRS. If certain options under the Joint and Survivor Annuity are selected, you can select a guarantee feature that provides benefit protection to a secondary beneficiary for a specific number of years from your retirement date. All Health, Dental, Vision and Life Insurance matters for retirees and their survivors are administered by the Massachusetts Group Insurance Commission (GIC). More information about the Retiree Health Fund is available at 3% Contribution for Retiree Health Coverage (ct.gov). Death of a Beneficiary. Please note: this form is specifically for members of the MA State Employees' Retirement System who have left state service. You can only name one survivor per retirement plan. Designate a Beneficiary The financial payment in the event of your death, if any, could amount to a significant sum of money. Payment will be made only upon receipt of a death certificate and evidence of qualification, as required by SERS. The feedback will only be used for improving the website. State Employee Resources Benefits & Retirement Retirement Information for Active Members (MSRB) offered by Massachusetts State Retirement Board All Forms (MSRB) All current MSRB forms are posted on this page and several have been recently updated, including the New Member Enrollment Forms below. If the cash out option is chosen, the employee receives their contributions, plus a 5% State match, plus 4% interest. Includes Substitute's Application for Service Credit and Substitute Member Information Form. The required form is included with the retirement application below. For retirees to change their survivor option within 90 days of first payment. The primary beneficiary is the person or entity who will receive any remaining benefits from the retirement account following your death. When you retire, your account could have a named survivor in addition to beneficiaries. This summer, we will offer theEmployer 101 Workshopin various cities around Ohio. If you dont name a survivor, you will choose the option called single-life, which gives you the highest monthly benefit amount, but excludes survivor payments upon your death. If so, complete this form and send to SERS Vouchering Section. Washington is a community property state, and rules vary by plan. Please limit your input to 500 characters. State employees in a position requiring CT teaching certification or employees teaching in CT higher education system (half-time or more). If Plan I (Single Life Annuity) or Plan III (Annuity Certain) are selected, more than one primary beneficiary may be named. For making changes to a members or principals account. PDF TEMPORARY POST RETIREMENT REEMPLOYMENT State Employees Retirement If you don't have a form on file, we will pay your estate and the proceeds will be settled and distributed that way. Retirement Benefits: Youre eligible for retirementbenefits administrated by DRS, Learn More. No; employer-provided disability insurance policies. Mass.gov is a registered service mark of the Commonwealth of Massachusetts. Date and Time Location July 12 9:00 a.m. to 3:00 p.m. DAYTON/BEAVERCREEK Hilton As of the end of the fourth quarter of 2021, the Federal Reserve calculated that U.S. public pensions held $5.85 trillion in assets. There may be CBA limitations. Retired SERS or ARP members who are being permanently reemployed must complete a Form CO-931, "Designation of Retirement System-Tier-Plan-Beneficiary". Please be sure to close the window when you have finished filling out your form. 5% (8% Hazardous Duty) of compensation (pre-tax)(plus up to an additional 2% for adverse actuarial performance). Please complete your retirement application on your computer before printing it out and mailing to us. When you are within one year of retiring, you must request an official benefit estimate from DRS before online retirement or a paper application is available to you. For employees of higher education institutions who will participate in TRS or PERS Plan 3. TRS and LEOFF members in Plan 1: Your plan rules for beneficiaries and survivors could vary from the content in this article. See more aboutretiring with DRS. Click on Defined Contribution Plan or Combined Plan for information on these retirement plan options. Use this button to show and access all levels. If you do not designate beneficiaries, death benefits will be paid to your estate. Please be sure to always use the most current form available to ensure that all necessary information is submitted. Employees must serve for 10 years to vest in the Hybrid Plan. Thefinancial payment in the event of your death, if any, could amount to a significant sum of money. In the event of a divorce, it is particularly important to update your beneficiary. PDF CDR - Illinois When you retire with a pension account, the money youve contributed during your career is invested to help fund your pension. If you were hired prior to 7/1/17 or are a postdoctoral research associate hired prior to 1/14/22, your plan features will be different. Your beneficiary information tells DRS who receives your remaining benefit, if any, after your death. STRS Ohio offers a variety of ways for active members and benefit recipients to access informationonline. You can select different beneficiaries for your pension and investment accounts. This staggering collective value alone places a target on pension systems from a myriad of individuals and groups Before You Call: Answers to Frequently Asked Questions, Power of Attorney (POA) and Guardianships. Under this program, qualified survivors can receive monthly benefits. To establish or update your beneficiary, please complete and submit abeneficiary nomination form. School Employees Retirement System of Ohio. It takes an average of 3-5 years for customers to exhaust their original contribution amount balances. If you use your investment account to purchase a TAP Annuity, you have the option of selecting a survivor for this as well. Complete this transaction, Set up or change the direct deposit of your pension retirement benefit. Overview of STRS Ohio and Its Impact on theState, STRS Ohio membership, board structure, benefits and services, management of investments and impact on Ohio, Providing your spouse with less than one-half of the benefit, or. (b) For vested members, follow the HRSC and/or the Agency Human . Plan Document; Enrollment Form; Beneficiary Form Make changes to your ongoing required minimum distributions. %PDF-1.6 % Spousal benefit payable if employee met age and service requirements for retirement. Information, including plan highlights and enrollment forms, is available at www.ctdcp.com or by calling 1-844-505-7283. Fax: 860.486.0378 Whether your pre-divorce designation of your former spouse remains effective will depend on the date you named them and the state you live in at the time of your death. As you consider your long-term and emergency financial planning, you may also wish to learn more about and file apower of attorneyspecifically with SERS. At retirement, vested employees have a choice of a SERS benefit (pension) or a cash out employee contributions. If you are already retired, contact DRS to update your beneficiaries, because you could have a survivor as well. Please note: The MSERS Retirement Benefit Guide is specifically for members of the Massachusetts State Employees' Retirement System. First, we will pay whomever you have indicated on your most recentbeneficiary nomination form. CPI:Consumer Price Index (Tier 2). You can designate as many beneficiaries as you want and choose the percentage of your account balance you want them to receive. This staggering collective value alone places a target on pension systems from a myriad of individuals and groups Before You Call: Answers to Frequently Asked Questions, Authorization for Release of Member Information, Application for Payment from a Reemployed Retirees Account, Certification of Salary for Non-Contributing Service (Fiscal Officer), Certification of School Service (Fiscal Officer), Certification of Service (Member and Fiscal Officer), Reaching the Retirement Youve Worked to Achieve, Top 10 Things You Should Know About Your SERS Retirement, Social Security Handout and Your SERS Pension, Reemployment: How it Affects Your Pension, Marketplace Wraparound HRA: Counseling and Enrollment Checklist. Earlier this week, SERS, alongside the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio, voiced its support of House Concurrent Resolution (HCR) 6. SERS Beneficiaries Designate A Beneficiary. The Survivor Benefits program is a way you can make sure your spouse and dependents receive benefits in the event of your premature death. Employees hired prior to 7/1/17 are required to contribute for 10 years; employees hired on or after 7/1/17 are required to contribute for 15 years. You can access SERS most commonly used forms by clicking the links below: Employee Beneficiary Change Form - Use this form if you are an active or vested employee and would like to update your beneficiary. Forms received after your death cannot be honored. However, if you are retired and your account has a named survivor, your beneficiaries will not receive any money unless your survivor also dies and the original account contribution balance still hasnt been paid out in monthly payments. If you die early in retirement before recovering the employee contributions you made to SERS while you were working, and you selected Plan B (Single Life Allowance),a refund is due. If you need assistance, please contact the Massachusetts State Retirement Board. Without spousal consent for the plans listed above, you will receive a Joint and Survivor Annuity with one-half to beneficiary (with reversion) and no PLOP payment. If you choose Plan F and a beneficiary dies before you do, your pension will be adjusted on the basis of the remaining beneficiary or beneficiaries. Having a survivor reduces your monthly retirement income because the benefit (or a portion of it) continues beyond your death, even if your original contribution amount was already paid out to you. If the beneficiary designated by you at retirement dies first, you should select a new beneficiary. General Web srs.illinois.gov Call 217-785-7444 Email: sers@srs.Illinois.gov SERS Terminology Annuity:Monthly pension payment paid for the member's lifetime. This workshop will cover important topics including: membership, compensation, contribution reporting, payments, and annual processes. Changes in Your Life that Impact Your Benefits which Include: Loss of Healthcare Through Another Source, You, Your Spouse or Child Becomes Newly Eligible for Coverage Through Another Source, https://www.osc.ct.gov/rbsd/stateretire.htm, 3% Contribution for Retiree Health Coverage (ct.gov), https://www.osc.ct.gov/empret/grouplife/plandoc.htm#retire, 1. It must be a person, and that persons date of birth is also required. When you meet plan requirements and retire, you are guaranteed a monthly benefit for the rest of your life from the employer-funded pension. New hire plan enrollment(PERS, TRS, SERS).