Retirement Based Benefits

Monthly Retirement-Based Survivor Benefits

Your beneficiaries may be eligible for monthly retirement-based (Option 2) survivor benefits if you die before retiring from PEERS and at the time of your death you had five or more years of credit for employment covered by PEERS.

You must name the individual as your sole beneficiary, and that person must have an insurable interest in your life. Insurable interest means that he or she is financially dependent on you for all or part of his or her financial support, or had a financial interest in your continuing life.

In order for your beneficiary to be eligible for monthly retirement-based survivor benefits, you must be eligible for Option 2 retirement benefits at your death. If not, the beneficiary will become eligible for the benefits on the future date when you, the member, would have become eligible for Option 2 retirement benefits, had you lived.

Option 2 retirement-based survivor benefits are payable to your beneficiary for life. They become eligible for Cost-of-Living Adjustments (COLAs) the fourth January after the effective start date of the benefits.

Another type of Death Benefit is a Lump-Sum Refund of Account Balance.

Beneficiary Designation Form

View Your Beneficiary Designation

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	Monthly Retirement-Based Survivor Benefits Your beneficiaries may be eligible for monthly retirement-based (Option 2) survivor benefits if you die before retiring from PEERS and at the time of your death you had five or more years of credit for employment covered by PEERS. You must name the individual as your sole beneficiary, and that person must have an insurable interest in your life. Insurable interest means that he or she is financially dependent on you for all or part of his or her financial support, or had a financial interest in your continuing life. In order for your beneficiary to be eligible for monthly retirement-based survivor benefits, you must be eligible for Option 2 retirement benefits at your death. If not, the beneficiary will become eligible for the benefits on the future date when you, the member, would have become eligible for Option 2 retirement benefits, had you lived. Option 2 retirement-based survivor benefits are payable to your beneficiary for life. They become eligible for Cost-of-Living Adjustments (COLAs) the fourth January after the effective start date of the benefits. Another type of Death Benefit is a Lump-Sum Refund of Account Balance. Beneficiary Designation Form View Your Beneficiary Designation