Retiree Death Benefits

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IPERS death benefits provide financial protection to eligible beneficiaries. They are designed to ease the financial strain that may follow the death of a loved one. 

Post-Retirement Death Benefits

IPERS provides death benefits if a member dies during retirement. The benefit depends on the payment option the member chose at retirement. 

Payment Option Beneficiary Benefits
Option 1: Annuity With Fixed Lump-Sum Survivor Benefit Your beneficiary(ies) receive a one-time lump-sum death benefit in the amount of your choice, in increments of $1,000, up to the amount of your investment.
Option 2: Annuity With Variable Decreasing Lump-Sum If gross benefits paid to you during your lifetime are less than your investment, your designated beneficiary(ies) will receive a lump-sum payment of the remainder.
Option 3: Single Life Annuity  No death benefit is payable.
Option 4: 100%, 75%, 50%, or 25% Joint and Survivor Annuity

Your contingent annuitant will receive a monthly benefit for the remainder of their life. The amount of the monthly benefit will be 100%, 75%, 50% or 25% (based on the member’s election) of the monthly benefit the member was receiving before his or her death.

Once you start receiving monthly benefit payment, you cannot change your contingent annuitant.

Option 5: 120-Month Term Certain Annuity

If you die before receiving benefits for 10 years, your designated beneficiary will be eligible for a benefit. 

  • If your beneficiary is an individual, the beneficiary will receive a monthly benefit for 120 months minus the number of payments the member received.
  • If you designate more than one beneficiary, a trust or an estate, payments will be made as a present value lump sum.

The amount of a lump-sum benefit will not be the amount of the remaining ten years of monthly payments. Instead, it will be reduced by the value of your account at the date of your death to allow for early payment to your beneficiary(ies). 

Option 6: 100%, 75%, 50%, or 25% Joint and Survivor Annuity With Pop-Up Annuity

Your contingent annuitant receives a monthly benefit for the remainder of their life. The amount they receive will be either 100%, 75%, 50% or 25% of your monthly benefit payment. You must select percent they will receive when you complete your retirement application.

If your contingent annuitant dies before you, your monthly benefit will increase to your option 2 monthly value.

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Contact IPERS to Stop Monthly Benefit Payments

If a member dies during retirement, the monthly payments stop the month of the member’s death. (For example, if a member dies in July, the last monthly payment is made at the end of July.) 

If additional retirement benefits are paid after the month of the member’s death, these payments must be returned to IPERS.

Report a Death

Please notify IPERS as soon as possible after a death as this will help ensure that benefits are paid properly and timely. Benefits are paid according to the most recent beneficiary designation on file with IPERS.

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Report a Death

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