SURVIVOR'S BENEFITS

Section 440.02

Main Page Content

Policy Statement

If, at retirement, an employee elects a retirement benefit option, which provides income benefits to a named beneficiary following the death of the employee, the beneficiary becomes eligible for Survivor's Benefits under the following conditions.

Category Name: Human Resources
Responsible Unit: Office of Human Resources
Responsible Exec: VP for Administration and Finance
Adoption Date: Unavailable
Last Revision Date:
Last Review Date:

Purpose/Scope

 

Applicability

 

Definitions

There are no definitions for this policy at this time.

Policy Procedures

Employees will be eligible to have a Survivor's Benefit paid on their behalf if:

1. While in state service, they either:

A. Retire from any retirement system or pension plan supported by state funds other than the State University Optional program; or

B. Retire from the State University Optional Retirement program after age 55; or

C. Leave state service after age 62; and

2. They had at least 10 years of full-time service within the 15 years immediately prior to leaving or retiring from state service. State service includes only employment for which a salary was paid directly by the state. The amount received will depend upon date of retirement. For employees who retired between October 1, 1966 and March 31, 1970, the benefit is $2,000. For employees retiring after April 1, 1970, the benefit is $3,000. Employees must designate a beneficiary at the time of retirement if the Single Life Option is chosen.

Links to Related Procedures and Information

There are no links for this policy at this time.

Contact Information

There is no contact information for this policy at this time.

History (in descending order)

Item Date Explanation
Next Review Date December 1, 2017 Three year review
Adoption Date Unavailable Policy Adopted

Approval

This policy is approved by:

Last Updated 1/5/18

Close mobile nav