What if a member dies prior to retiring?
When a member dies prior to retirement, the Fund pays whatever death benefit is provided for under the law to the member’s designated beneficiary or beneficiaries. Under law, an alternate payee is not entitled to receive a share of the member’s death benefit and accumulated contributions unless the DRO expressly provides that the alternate payee is to share in the death benefit and the member has named the alternate payee as his/her designated beneficiary. Language in a DRO dividing a member’s retirement benefit is not sufficient under law to require a division of the member’s death benefit.
Related Questions
- Retiring at least one day prior to normal retirement allows some long-service Members to unlock a portion of their UWO Pension Funds. Does the elimination of mandatory retirement change that?
- If I qualify for furlough days and I have not taken all of the required furlough days and will be terminating employment or retiring prior to June 30, 2010, what happens?
- What needs to be done by retiring faculty with the Office of Human Resources prior to retirement?
