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1 Publication /2003 BENEFIT and BENEFICIARY When do I nominate a beneficiary? You should name a beneficiary when your employer enrolls you with the Public School Employees Retirement System (PSERS). A beneficiary is the person(s) you wish to receive your retirement benefits if you die before retirement. This is done by completing a Nomination of Beneficiaries form (PSRS187). You may name one or moree principal beneficiaries and one or more contingent (secondary) beneficiaries. If you name beneficiaries under 18 years of age, you must also designate a guardian for each minor. A guardian is the person designated to handle financial affairs associated with PSERS. You may also name an estate or trust as your beneficiary. If you do not name a beneficiary or your beneficiary predeceases you, and you did not send PSERS a new form prior to your death, PSERSS will pay your benefits to your estate. Keeping your beneficiary designation up to date will ensure that benefits are paid promptly and properly. May I change my beneficiary? You should review your choice of beneficiaries frequently, but especially if: you or one of your beneficiaries marries or divorces one of your beneficiaries dies one of your beneficiaries changes his or herr name or address one of your beneficiaries reaches age 18 or r you have a child.

2 A new Nomination of Beneficiaries form (PSRS-187) can be submitted to PSERS at any time while you are an active contributing member. The new form will supersede all previous forms. Forms are available from your local school employer, PSERS offices, and on the PSERS website, What does my beneficiary need to do in the event of my death? In the event of your death, your beneficiary or estate representative should contact PSERS by calling us toll-free at During the call, the beneficiary or estate representative should provide the member s name, social security number, and date of death. What important papers will PSERS require? Your beneficiary will need to supply a copy of your death certificate and the name of a person PSERS can contact in the event more information or documentation is needed. The beneficiary should have available the contact s name, address, and telephone number. Where does my beneficiary send my death certificate? Public School Employees' Retirement System PO Bo 125 Harrisburg PA Does my account accrue interest after my death? Upon your death, interest ceases to accrue. It is important to submit the proper paperwork in a timely manner. How long will it take PSERS to pay my death benefit to my beneficiary? After receiving a copy of your death certificate, PSERS will contact your most recent employer to request final salary and service information. Your employer will send to PSERS the form Notification of Death (PSRS-1181) detailing any salary and service information not already reported to PSERS. Upon receipt of this information, PSERS will provide the beneficiary on record with the estimated death benefit and other important papers needed to pay your death benefit. At this point, your beneficiary(ies) must make some decisions. They must make a payment selection and complete the necessary paperwork. When PSERS receives the properly completed paperwork from the beneficiary(ies), we will pay the death benefit promptly.

3 What is the value of my death benefit? The value or present value of your death benefit is determined by your years of credited service and age at death. The value of your death benefit is noted on your Statement of Account. If you are eligible to receive a retirement benefit, your value is determined by a formula or a combination of formulas. These are: T-D Members - 2.5% for school service (2.0% for any nonschool* service) final average salary credited service early retirement factor (if applicable) dollar annuity value death benefit value T-C Members - 2.0% for all service final average salary credited service early retirement reducing factor (if applicable) dollar annuity value death benefit value * Non-School Service consists of non-intervening military, government, outof-state, county commissioner, county nurse, maternity, and cadet nurse corps.

4 PAYMENT How is my death benefit paid? Your death benefit is paid based on the following conditions: if you are under age 62 and do not have 5 years of credited service, a refund of your contributions plus interest will be paid in a lump sum to your designated beneficiary if you are age 62 or older and have less than one year of credited service, a refund of your contributions plus interest will be paid in a lump sum to your designated beneficiary if you reached normal retirement status (age 62 with one year of service, age 60 with 30 years of service, or 35 years of service regardless of age, your designated beneficiary will be eligible for the present value of your retirement account if you have not reached normal retirement status and you have 5 years of service or more, your designated beneficiary would be eligible for the present value of your retirement account reduced by the appropriate early retirement factors If your death benefit is less than $10,000, payment will be made in a lump sum. If the death benefit is $10,000 or more, your designated beneficiary may choose a lump sum payment, a monthly benefit, or a combination of both. Note: If your beneficiary is your spouse, your spouse will need to decide how the lump sum benefit will be paid. It can be paid directly to your spouse minus 20 percent federal withholding ta or rolled over to a qualified retirement plan. If the death benefit is $10,000 or more, there are three different payment plans available to your beneficiary. Plan 1 - Lump sum Payment Only If your beneficiary elects this plan, they will receive the amount of the death benefit in a lump sum payment. There are no monthly benefits. Plan 2 - Monthly Benefit Payment Only If your beneficiary elects this plan, there is another decision to make. Your beneficiary must decide if they wish to protect another beneficiary. A. Your beneficiary will receive the highest monthly benefit for life. Payments cease upon your beneficiary's death.

5 B. Your beneficiary will receive a reduced monthly benefit for life. Your beneficiary is guaranteed to receive at least 60 monthly payments. These payments will continue throughout the beneficiary's lifetime regardless of the number of payments received. If, however, your beneficiary dies before receiving the 60 payments, the person(s) named as his/her beneficiary receives the remainder of the 60 payments. C. Your beneficiary will receive a reduced monthly benefit for life. Your beneficiary is guaranteed to receive 120 monthly payments. These payments will continue throughout the beneficiary's lifetime regardless of the number of payments received. If, however, your beneficiary dies before receiving the 120 payments, that person's beneficiary receives the remainder of the 120 payments. Plan 3 - Monthly Benefit Payment + Partial Lump Sum Payment If your beneficiary elects this plan, there are two decisions to make. How much does your beneficiary wish to receive in a partial lump sum payment and which monthly benefit will they select under Plan 2? Note: Based on the plan selected, your beneficiary will need to understand that there may be federal income ta responsibilities. These responsibilities will be eplained in the letter your beneficiary receives detailing the payment plan selection. TAXES What taes will my beneficiary be responsible for upon receiving my death benefit? The death benefit paid to your beneficiary is subject to federal income ta. PSERS takes responsibility for the benefit information it provides to our members. Because each person's financial ta information varies, we strongly recommend you seek professional ta advice. How will my beneficiary report to the Internal Revenue Service the death benefit received from PSERS? At the end of each January, PSERS mails a 1099-R to its retirees and beneficiaries. This document is used to report any monies paid by PSERS to your beneficiary. The 1099-R will provide your beneficiary with the information needed to complete the U.S. Individual Income Ta Return (1040). Any questions or concerns about taes should be discussed with a ta consultant or the IRS.

6 HEALTH INSURANCE Is my beneficiary entitled to a group health insurance plan? There is no provision for beneficiaries to receive group health insurance coverage as a benefit or right under the account of a member who died in service. Two conditions must be met for a beneficiary to be entitled to participate in one of PSERS group health plans: The member must have been eligible for a monthly benefit prior to death, and the beneficiary must be the surviving spouse or survivor annuitant of the member. Is my beneficiary entitled to receive premium assistance? Premium assistance is a ta-free benefit for PSERS eligible members and is not available to the surviving spouse or survivor annuitant. QUESTIONS If I have more questions about my PSERS benefits, whom shall I call? You may contact PSERS about any benefit questions. If your beneficiary has any questions concerning the completion of the death benefit paperwork, they may contact PSERS with their questions. We have nine locations across the Commonwealth to assist you. You may also your questions to Contact Us.

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