July 21, 2020
Reviewing and Updating the Beneficiary on your Retirement Account
Following major life events, including marriage, divorce, births and deaths, ERSRI encourages active employees and retirees to review the beneficiary information on their retirement account.
ERSRI pays a death benefit to your designated beneficiary. The death benefit is a one-time payment of $800 per full year of service, up to a maximum of $16,000.
Following retirement, the benefit is reduced by 25% each year with a minimum benefit of $4,000. You may name one or more beneficiaries.
To learn more about reviewing and updating your beneficiary, please click here.
