Where does my money in the Omaha School Employees Retirement System go when I die?
A. If you die while still an active employee, there are two alternatives. If you have less than 20 years of creditable service in the Retirement System, your contributions plus interest will be refunded to your beneficiary(ies). If no beneficiary card is on file in the Retirement Office, the refund is paid to your estate. If you have 20 or more years of creditable service in the Retirement System and have elected as your sole primary beneficiary your spouse (of any age) or any other individual whose attained age at the time of your death is no more than 10 years less than your attained age at death, that one beneficiary is automatically provided with a choice of a pre-retirement survivor’s lifetime annuity benefit or the refund of contributions and interest. If you die after you have begun receiving your retirement benefits the payment option you chose at retirement governs the amount of the after death benefits and to whom they will be paid. Please refer to the answer to the question
Related Questions
- If I am refunding from the Traditional Pension Plan and have funds in the School Employees Retirement System (SERS) and/or State Teachers Retirement System STRS), do I need to do anything?
- Do charter school employees participate in the Public Employees Retirement System (PERS)?
- Where does my money in the Omaha School Employees Retirement System go when I die?
