What are the options for taking my retirement benefit? Does it stop when I die?
A. Before the first Omaha School Employees’ Retirement System benefit payment is made, you must elect the monthly annuity payment option desired. In the event of your death before 60 monthly payments (options A, C, D, E or F) or 120 monthly payments (option B) have been made, the monthly payments will be continued to your designated beneficiary(ies) or if no beneficiary(ies) has been named, to your estate, until the appropriate total number of monthly payments have been made. Option A (Five Years Certain plus Lifetime to the Retiree) This option pays the largest monthly benefit to the retiree, payable for the retirees entire lifetime. In the event of the retirees death before 60 monthly payments have been made, the monthly payments will be continued to the retirees beneficiary(ies) or estate until the remainder of the guaranteed 60 monthly payments have been made. Beneficiary designation: You may name any individual or other legal entity to receive the remaining payments. The designati
Related Questions
- Who is listed as my beneficiary for the death/survivor benefit options through my Teacher Retirement System (TRS) or Optional Retirement Program (ORP) account?
- What are the options for taking my retirement benefit? Does it stop when I die?
- What are my different payment options for my monthly retirement benefit?
