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The document outlines the process for designating beneficiaries for a $3,000 lump sum death benefit provided by the Illinois Municipal Retirement Fund (IMRF). It specifies that only the annuitant can complete the form, details how to name primary and secondary beneficiaries, and explains the implications of marital status on beneficiary designations. The form must be signed and submitted to IMRF to be valid, and it emphasizes that without a valid designation, benefits will default to the estate.

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What is the Tier 1 death benefit for IMRF?

If you retired under the IMRF Early Retirement Incentive (ERI), the amount of the surviving spouse pension is 50% of the ERI enhanced pension you were receiving, including 3% annual increases. Tier 1 surviving spouse pensions are increased each January 1 by 3% of the original surviving spouse pension amount.

What is the pension for the deceased in Illinois?

If an active employee dies, the nominated beneficiary on file with SERS receives a lump sum death benefit. The payment consists of the members contributions plus interest, and one months salary for each year of service, up to a maximum of six months salary.

How do I notify the death of a retirement plan?

A death can be reported the following ways: Online via our website. Telephone at 888 CalPERS (or 888-225-7377) Mail to: CalPERS Disability Survivor Benefits Division. Survivor Death Benefits. P.O. Box 1652. Sacramento, CA 95812-1652.

What happens to IMRF after death?

The IMRF death benefit is an employer paid benefit to which there was no entitlement prior to the death of the member. The death benefit for active members (after one year of service) is one years salary plus member contributions and interest. For a retired member, the death benefit is $3,000.00.

How to notify IMRF of death?

Reporting a Death to IMRF Telephone an IMRF Member Services Representative at 1-800-ASK-IMRF (1-800-275-4673), Monday through Friday, 7:30 a.m. to 5:30 p.m., to report the death to IMRF. Please have the following information ready: IMRF will mail a letter to the person handling the deceased members affairs.

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What happens to a pension plan when someone dies?

Answer: Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, arent includable in gross income and you dont have to report them. However, any interest you receive is taxable and you should report it as interest received.

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What is the Tier 1 death benefit for IMRF?

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What happens to a pension plan when someone dies?

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